Wrightspeed announced today it has raised $5 million in first-round financing from a private investor.
The company was founded by one of Tesla’s cofounders Ian Wright. So far, Wrightspeed has probably been best known for is X1 prototype, which the company calls the “world’s fastest street-legal electric vehicle.” The X1 was created to demonstrate that electric drive can still deliver the “extreme performance” of a sports car.
The company plans to use the funds to develop an extended-range hybrid electric drive system that it would market to extreme-performance sports cars and medium to heavy-duty trucks.
Companies: Tesla, Wrightspeed
People: Ian Wright