Matel raises $4m Series A as powertrain production begins
Transition VC led the financing with Gruhas and Haresh Abichandani, following the start of mass production in April 2024.
Matel announced a $4 million Series A on May 16, 2024, led by Transition VC with participation from Gruhas and Haresh Abichandani. The financing followed validation by electric-vehicle manufacturers and the start of powertrain mass production in April.
At the time of the announcement, Matel was preparing traction and auxiliary products for commercial vehicles. Higher-voltage products remained in design for a later release. The financing supported the shift from validated engineering into a broader production business, with planned additions to research capacity and equipment.
Use of funds
Scale production
Develop new products
Expand R&D team and equipment