According to TechCrunch, Arc is a start-up company founded 10 months ago that is ambitious to electrify everything on the water.The company hopes to launch a limited-edition $300,000 electric boat first, which has attracted the attention and funds of some big stars in the sports and entertainment industries.The startup completed a seed round led by venture capital firm Andreessen Horowitz in February and brought in several new investors, including Will Smith’s Dreamers VC, Kevin Durant and Rich Kleiman’s Thirty Five Ventures and Sean Combs (“Bag Papa”)’s Combs Enterprises.
The new round of investment was described by Arc 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 also participated in Arc’s seed round of financing.
“All these people, in addition to being world-class in what they do, they also have a lot of experience in building brands and marketing products, as well as cultivating communities in general,” Mitch Lee told TechCrunch in a recent interview . In short, Combus, Durant, and Smith have a sphere of influence that can reach the market Arc hopes to reach. Mitch explained that the high-end luxury market in which the first $300,000 boat is located is not Arc’s ultimate goal.
Mitch and former SpaceX engineer Ryan Cook co-founded Arc, which plans to develop and sell electric boats of various price points and uses. Mitch explained that the company of more than 10 people will start with building the hull, many of whom have worked for SpaceX for a long time.
Mitch said that although electric boats are quieter, faster, more reliable, and lower maintenance costs, they have not scaled up due to three challenges. Mitch 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.
Mitch 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.” Mitch pointed out that from SpaceX Engineering talents have always been the key to the development of hull and high-voltage electrical systems.
The company now has a working prototype called Arc One, which is a 24-foot-long aluminum boat that can produce 475 horsepower and can run for 3 to 5 hours on a single charge. Arc will produce less than 25 Arc One ships.
According to Mitch, the Arc One’s interior design has not yet been completed, and he pointed out that he will always focus on designing the hull, electrical system and battery pack. But this ship is indeed usable; 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 developGasPowerboats compete with ships-this is the strategy adopted by Tesla.
Mitch 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 A new boat will be launched and sold before the end of 2022, which will directly target consumers in the mass water sports market. Although Arc has not set a price for its next ship, it needs to be around US$150,000 to US$200,000 to compete with its gasoline-powered ships.
Mitch said that 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.