Donut Lab – Developer of the World's Most Efficient Electric Motor – is setting its sights on the next phase of growth while welcoming former Nokia chairman and founder of F-Secure and WithSecure, Risto Siilasmaa, to its board

Technology company Donut Lab, specializing in the electrification of transport, launched its modular technology platform last November. Interest from international vehicle manufacturers peaked early this year at CES when the company unveiled the world's most powerful electric motor family, designed for versatile use across land, sea, and air vehicles.

Donut Lab’s strong product development and successful global launch have been backed by fundraising that totals €15 million, which was carried out last year alongside its subsidiary, Verge Motorcycles. The anchor investor in the latest funding round was Risto Siilasmaa, the founder of the cybersecurity companies F-Secure and WithSecure and former chairman of Nokia’s board. Risto will also join Donut Lab’s board. With this solid foundation, the company is now ready to launch its next funding round to meet the proliferating demand for its groundbreaking electric motors.

“Donut Lab has achieved incredible technological breakthroughs, allowing it to disrupt the entire global vehicle market. This unique competitive advantage piqued my interest when I first got acquainted with Donut Lab and Verge. The company has the full potential to revolutionize the electrification of transportation during this ongoing global transition in the industry, and it’s exciting to join the company at such an intriguing stage of growth”, says Risto Siilasmaa.

In addition to Nokia, WithSecure, and F-Secure, Siilasmaa has also served as the chairman of the board of Elisa, Finland’s most successful teleoperator. As a technology investor, Siilasmaa has made dozens of investments. His portfolio includes some of the biggest startup success stories in Finland, such as Wolt, Small Giant Games, Aiven, and AlphaSense.

High Demand Fuels Next Stage of Growth

Since Donut Lab's launch, the company has received inquiries from hundreds of industry operators around the world. The high demand right from the start perfectly illustrates the crucial need in the automotive industry for disruptive technology solutions and seamlessly compatible components.

“In recent months, our demand has increased 30-fold, and we currently have negotiations with a number of significant and well-known operators in the automotive industry. For Donut Lab, this means that we have succeeded in solving our customers' true problems and creating genuine interest in the market”, says Marko Lehtimäki, CEO of Donut Lab.

Due to the tremendous demand, Donut Lab has now shifted its focus from R&D to scaling its operations to meet the proliferating demand. The company’s next funding round is a priority to enable this scaling and ensure it can continue to meet the needs of the automotive industry.