Smart Transport

Diode valued at £2.1m after seed funding

Electric vehicle (EV) tech start-up, Diode, has announced the close of an investment round at a valuation of £2.1 million.

The funding round led by Haatch Ventures, with support from angel investors and NorthInvest, is set to give Diode a "runway" to take its platform to market, help refine the user experience of its platform, deliver its product roadmap, and "gear it up’"for international growth, according to Diode.

Diode said its web-based software platform is an all-in-one solution that helps businesses, employees and consumers assess their EV suitability, generate a tailored charge point roll-out plan, and purchase charge points through an automated tender process.

Jon Horsfield, founder and chief executive officer at Diode, said: “We’re incredibly excited about what this investment enables us to do and really pleased to have gained such a strong vote of confidence from an incredibly experienced group of investors.

“Haatch Ventures and our Angels bring with them a huge amount of knowledge from across the consumer tech space and scaling start-ups, which we’re certain will put us in an even stronger position and build on the fantastic work we have done so far.”

Diode secured £146,000 in grant funding from Innovate UK to boost its development, last year.

Simon Penson, partner at Haatch Ventures, said: ‘We’re thrilled to be backing such an ambitious team committed to making the switch to electric vehicles much easier and a more sustainable future for all.

“Diode is uniquely placed to fill a growing gap in the market and has the potential to disrupt the industry across the UK and the rest of the world.”

Jordan Dargue, investment director at NorthInvest, said “NorthInvest exists to help innovative businesses with a presence in the North, like Diode, continue along their journey and reach new milestones.

“Diode has an excellent proposition with a highly credible team to execute their vision. We can’t wait to see what the future holds for them.”

Diode said its mission is to drive a "faster, "easier" switch to EVs to help tackle the global climate crisis.

Watch now: Connecting Policy To Solutions Virtual Conference 2021

Smart Transport Conference returned on June 8th & 9th, to facilitate pivotal discussions on the future of transport. 

The UK’s most senior public and private sector transport leaders discussed the impact of Covid-19, achieving the Government’s decarbonisation ambitions, the need for more efficient living and better health, and much more.

Kwasi Kwarteng, secretary of state at the Department for Business, Energy and Industrial Strategy (BEIS), who spoke on BEIS's approach to decarbonising transport, particularly the electrification of the vehicle industry. Watch his presentation below:

 

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