Participated · Seed · Jan 2022

OX Delivers builds purpose-built electric trucks and operates a transport-as-a-service model that lets customers book space by kilogram-per-kilometre via an app or toll-free number. The company’s core product is the OX4 Truck; it is preparing a third-generation OX4 with improved driving position, visibility, chassis upgrades, and a proprietary vehicle control unit. OX Delivers runs a pilot service in Rwanda and plans to electrify two depots as flagship charge-point projects to support rural charging infrastructure. The service has supported over 4,000 customers with 80% of orders coming from repeat customers. Funding to date includes grants from Innovate UK’s Energy Catalyst, the UK government, USAID, and support from angel investors; the company cites roughly $10 million of equity invested alongside grant funding. OX Delivers aims to scale across East Africa and beyond to reach billions of people in developing countries without affordable, sustainable transport. OX Delivers is developing purpose-designed electric trucks engineered for the tough terrain found in emerging markets and designed to be shipped flat-pack for in-country assembly. The company retains ownership of vehicles and sells space on a pay-as-you-go basis to keep trucks accessible for rural entrepreneurs. OX prioritizes lifetime ownership costs over meeting an upfront sale price. Its first market is Rwanda, where it already operates a logistics business and plans to showcase the EV OX at the upcoming CHOGM. The company was awarded a multi-million-pound UK government grant to accelerate development and has opened an EIS-eligible funding round for angel investors. Collaborators on the project include Dana, Potenza, Coventry University, and FLAGS Software, which will help develop advanced affordable EV technology and a supporting digital ecosystem. OX Delivers builds electric all-terrain OX trucks and operates a pay-as-you-go smart logistics platform serving customers in Rwanda with R&D based in Warwickshire, UK. The company has demonstrated its electric truck at COP26 and at industry shows and runs pilot operations in Rwanda. Recent product and operational priorities include putting the first EV trucks into operation in Rwanda, expanding depots and warehouse facilities there, growing the DriverPlus team, and developing the digital platform to improve efficiency and lower transport prices. Since starting operations in March 2021, OX operations have grown 40% month-on-month; December revenues implied a $180,000 annual run-rate and the company added 40 customers that month. The team has grown to 44 people and a new facility has opened in Warwickshire to support R&D and scale-up. The company describes its model as sustainably driving trade for rural Sub‑Saharan Africa and plans expansion in both Rwanda and the UK.

Participated · Seed · Jul 2020

TOffeeAM develops AI-driven design software for sustainable (green) machines. Its IP is based on research from Imperial College and the company is an Imperial College London spinout. Founded in 2019 by Marco Pietropaoli, Audrey Gaymann and Francesco Montomoli, TOffeeAM participated in the EF program and the 3rd cohort of the Xelerated/Boeing accelerator. The company already counts Boeing and several Formula 1 teams among its customers. TOffeeAM plans to use new funds to expand globally and build on its strong customer base. It raised £5M in a Series A funding round. TOffeeAM develops TOffee, software that optimizes 3D-printed parts and entire systems by reducing part count and increasing overall resilience. Its technology creates internal structures for smart industrial production, including coolant systems for gas turbines that exceed current heat exchanger performance. The company’s IP is built on four years of research at Imperial College and it licenses TOffee to businesses using additive manufacturing. The software is particularly applicable to the aeronautics and automotive industries. Existing customers include GE Aviation, Baker Hughes and a Formula 1 motor racing team. TOffeeAM plans to use the new funding to hire engineers and additional staff, expand engineering capabilities and grow its customer base.