Arc is a start-up company established 10 months ago. It is ambitious to electrify everything on the water. The first is a limited-edition $300,000 boat. It has attracted the attention of some sports and entertainment stars. funds. This startup was completed in February by the venture capital firm Andreessen
Horowitz led the seed round of financing and brought in several new investors.
Including Dreamers VC from Will Smith, Thirty Five Ventures from Kevin Durant and Rich Kleiman, and Combus Enterprises from Sean Didi Combs all participated in this project.
The new round of investment was described by co-founder and CEO Mitch Lee as a strategic round, bringing Arc’s total funding to more than $7 million. Chris Sacca’s Lowercarbon Capital and Ramtin Nami’s Abstract Ventures invested in Arc’s seed round. Combs, Durant, and Smith have a sphere of influence that can help Arc reach the market it hopes to reach. The high-end luxury market in which the first ship valued at $300,000 is located is not Arc’s ultimate goal.
Li and former SpaceX engineer Ryan Cook co-founded Arc, planning to develop and sell electric boats of various price points and uses. Li explained that this company consists of more than 10 people, many of whom have worked for SpaceX for a long time, starting with building the hull.
Li said that although electric boats are quieter, faster, more reliable, and have lower maintenance costs, they have not scaled up due to three challenges. Li said that historically, there has not been a battery supply chain for ships, no suitable high-voltage electrical systems, and no hull that can accommodate the weight and volume of large battery packs.
Li said: “When we deal with this issue, we said that we will start with a special hull and a special battery pack. If you just start from scratch, this approach makes sense,” Li said, pointing to SpaceX Our engineering talents have always been the key to the development of hull and high-voltage electrical systems.
The company has now built a working prototype called Arc One, which is a 24-foot-long aluminum boat that can generate 475 horsepower and can run for 3 to 5 hours on a single charge. Arc is expected to produce less than 25 ships. Arc One ship.
Arc One’s interior design has not yet been completed, and its attention has been focused on designing the hull, electrical system and battery pack. But this ship is indeed ready for use, and the team has been traveling on it recently. The mass production of Arc One is expected to start next month, with the first delivery to customers early next year.
Arc’s plan is to use the funds provided by investors to expand the scale of production and developGasIt can be seen that this is the strategy adopted by Tesla.
Li said: “We do not intend to produce many such boats, but it sets the tone for the performance of electric boats in this market, and it creates a new anchor for us. Since then, Arc hopes to A new boat will be launched and sold before the end of 2022, which will be directly targeted to consumers in the mass water sports market. Although Arc has not set a price for its next boat, it needs to be around US$150,000 to US$200,000. To compete with its gasoline-powered ships.
The timing of the next ship will depend on the timing and amount of additional funds that Arc will eventually raise. Currently, the company hopes that its first ship will bring more demand for its future electric products.