Conifer, an electric powertrain startup, has raised $20 million in seed funding to bring its software-driven, magnet-agnostic motors to market. The round was backed by True Ventures, MFV Partners, MaC Ventures, Voyager, Z21 Ventures, Silicon Valley Bank, and Higher Life Ventures. Rohit Sharma of True Ventures will join the company's board.
The funding will support the rollout of Conifer’s first product—a geared in-wheel powertrain—targeted at two- and four-wheel vehicles, lawn equipment, and tractors. The company is also expanding into stationary applications such as HVAC and industrial pumps.
Powertrains are central to electric vehicles and industrial automation, often making up as much as 30% of system costs. Yet most rely heavily on rare-earth elements, vulnerable to supply chain disruptions and tariffs.
Conifer’s axial flux motor replaces rare-earth magnets with affordable Ferrite options, while still offering high efficiency and power density. If needed, the design can also accommodate Neodymium magnets, doubling its performance. The stator core alone reduces material usage by 95%, offering a major cost and sustainability advantage.
The new capital will help Conifer deliver its first commercial product: a geared in-wheel powertrain designed for smaller electric vehicles and equipment. Unlike traditional manufacturing, the company’s modular design and software-first approach allow it to produce a range of motors on a single line—without the need for expensive tooling.
“Motors can be manufactured at scale without expensive tooling using a fully parameterized software-driven process,” said co-founder Yateendra Deshpande. “Our process allows a single production line to create motors of various sizes under 25hp while reducing manufacturing costs for the key winding step by over 90 percent.”
These advances are expected to reduce delays, allow for design customization, and lower production costs, making electrification more viable for companies of all sizes.
Over one billion small gas-powered engines are still in use worldwide, especially in two-wheelers, tractors, and power tools. Conifer's in-wheel powertrain is designed as a drop-in solution, with higher power density, better efficiency, and compatibility across different wheel sizes.
Customers testing the system in rugged environments reported improved range and reduced component costs. Conifer plans to begin full production shipments this year and will open its waitlist to a broader set of users.
Beyond mobility, Conifer is attracting attention from industrial sectors. Electric motors currently consume about 45% of global electricity, and Conifer’s motors offer a more compact, IE5-efficient alternative to standard induction machines. The company is launching a pilot program for partners in the HVAC, automation, and pumping industries.
Conifer was founded by a group of engineers with backgrounds at Apple’s Special Projects Group and Lucid Motors. Co-founders Ankit Somani and Yateendra Deshpande lead the team, which has spent the past two years validating the tech with early customers.
The company stands out for its vertically integrated strategy—combining motor design, manufacturing, and software. This holistic approach enables quicker customization and stronger supply chain control, giving customers a reliable alternative to traditional powertrain vendors.
The seed round drew support from a mix of deep tech and climate-minded investors. True Ventures led the round, joined by MFV Partners, MaC Ventures, Voyager, Z21 Ventures, Silicon Valley Bank, and Higher Life Ventures.
"Getting the world to electrify and move beyond combustion engines requires fundamental and broad-based innovation in powertrains,” said Rohit Sharma, Partner at True Ventures. “Ankit and Yateendra are tackling this challenge by focusing on low-cost materials, new design, manufacturing."
