A chat with… Fabrizio Martini, founder of Electra Vehicles

Welcome back to Endeavor talks with…! This time we had a chat with Fabrizio Martini, founder of Electra Vehicles.

We discussed his stellar career, which, at only 23 years old, led him to secure $5.5 million in funding for the U.S. Department of Defense, and how to revolutionize the electric vehicle industry by tackling crucial challenges.

Happy reading

Tell us about yourself. Where are you from, and what is your background?

I come from a family of entrepreneurs in the floriculture industry, and from a young age, I was encouraged to explore my curiosity for engineering. I’ve been passionate about MotoGP, cars, and bicycles since I was a kid — I enjoyed listening to my family members tell stories about their races and working on their vehicles.

I earned a degree in Vehicle Dynamics from the Polytechnic University, in Milan, and when I was 21, I moved to Boston to get a PhD in Batteries and Energy Storage at Northeastern University.

Afterward, I developed cutting-edge batteries for the U.S. Department of Energy and Department of Defense, securing $5.5 million in funding. I then joined NASA as the lead researcher for the “Venus Rover” project, where I was responsible for developing an advanced battery system for planetary exploration.

And how did the idea that later became Electra Vehicles come about?

I was following the developments in the electric vehicle and e-mobility sector with great interest, and I thought: why not adapt space rover technology to everyday electric vehicles? In 2015, I founded Electra Vehicles in Boston. Initially, I worked on the project in my spare time, but after the first round of funding and initial sales in 2018, I dedicated myself to it full-time.

How did you convince the first investors?

Electra grew rapidly from the very beginning, gaining international recognition, such as a spot among the top 26 startups in the MassChallenge Incubator competition in 2016. This provided a solid starting point.

Convincing the first investors still required perseverance; we did over 130 pitches. However, we also chose our investors carefully, targeting those who share our values and can support us comprehensively.

We secured significant funding, including $1 million in a Pre-Seed round from HyperPlane.VC, Launchpad Venture Group, and TIE Boston Angels in 2018, and an additional $3.6 million in a Seed round in 2021 thanks to LIFTT and BlackBerry.

You founded Electra Vehicles in the United States. How do you think it would have been different to try doing it in Italy?

The United States offers an extremely fertile environment for startups because the U.S. has a very strong business-oriented culture, with a widespread attitude of support for innovation and risk. That translates into easier access to investors willing to fund innovative ideas, even in the early stages of development. The presence of a large network of venture capital, angel investors, and crowdfunding makes it simpler to raise the necessary funds to start and grow a startup.

Compared to the U.S., Italy, though growing, has a less developed capital market and fewer funding opportunities for early-stage startups. However, it also offers advantages, such as strong ties to academic research and an increasing focus on sustainability and innovation.

What reasoning was behind the decision to open the second headquarters in Turin?

Turin is located in the heart of the so-called “Italian Silicon Valley,” in the Piedmont Region, an area renowned for innovation and technological development. Moreover, Turin has a deep and historical connection with the automotive industry, a key sector for Electra Vehicles. The presence of major automotive companies and a strong production chain offers numerous opportunities for collaboration and development.

Convincing the first investors required perseverance; we did over 130 pitches. However, we also chose our investors carefully, targeting those who share our values and can support us comprehensively.

In an interview with la Repubblica, you said, “All of us, on this planet, want a better world.” What role does your work on batteries play in this?

As the world is rapidly moving toward renewable energy sources and sustainable energy solutions, batteries play a crucial role. But to harness the full potential of batteries-and this is increasingly necessary today-you need to put a “brain” or rather software technology, into them.

Our advanced AI-powered technologies enable precise monitoring and management of battery health and charge status, thereby preventing failures and enhancing overall performance. This not only extends battery life but also helps reduce the environmental impact of production and disposal.

What is the fundamental characteristic that an entrepreneur must have?

Agility, especially in the tech sector, is crucial because it’s constantly evolving. Mistakes are inevitable, but they need to be corrected swiftly. It’s essential to pivot when necessary, continually innovate, and push forward. It’s not easy and can be stressful, but the ability to manage stress and turn it into a competitive advantage is crucial. Listening, continuous learning, and finding the right balance between strategy, processes, and ongoing change are essential.

You participated in the Elevator program and later became an Endeavor entrepreneur. Do you have anything to say about this journey?

Thanks to Endeavor, we had the opportunity to meet entrepreneurs, investors, and industry professionals from around the world, which allowed us to engage in advanced critical thinking, learn how to effectively manage talents, and explore new methods of fundraising. The overall experience was extremely positive and enriching.

If you liked this content, please consider to join our newsletter!