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Lit Motors, the 15-year-old mobility startup led by Danny Kim, is aiming to raise $8 million in seed funding for its long-promised two-seat electric vehicle, the CEO tells Axios Pro.

Why it matters: The raise marks a relaunch for a company now positioning itself as a deep tech robotics developer. 

The big picture: Lit Motors has unveiled at least three futuristic models since it debuted in 2010, from a cargo delivery scooter to an enclosed motorcycle.

Driving the news: The company has revived the latter design from 2012, claiming a projected 170-190 miles of driving range at a proposed $32,000 sticker price, Kim says.

"We have one-tenth the parts count of a car, one-fourth the weight, a coefficient drag that's incredibly efficient, and still a beautiful design," the CEO tells Axios Pro.

The vehicle's robotic stabilization and steering tech would eventually enable the price to fall below $20,000, Kim says.

Friction point: The seed raise marks a "restart" for the company, which previously raised $10 million from investors, reportedly including Google co-founder Larry Page and Airbnb co-founder Joe Gebbia, yet hasn't brought a product to market.

Lit Motors in 2014 "hit a ceiling" on its first attempt to develop stabilization and steering controls, Kim says, forcing an engineering pivot. 

Early investors in 2017 and 2019 filed lawsuits against the company, which has offices in Portland, Oregon; San Francisco; Glendale, Arizona; and Germany.

What they're saying: "That was all settled way back in 2020," CFO Larry Rosenfeld tells Axios. "It was three investors in one group, and one other investor who got in, and didn't really realize what they got into."

Kim and Rosenfeld say the seed round launched this week marks a restart, one driven by technology advances since the startup's first round of development more than a decade ago.

"It just takes a long time … to develop a robot," Kim says. "It took Boston Dynamics 20 years to get to a commercial product. It's taken us 15 years."

Correction: This story was corrected to reflect that the X-1 is a two-seat vehicle (not a single-seat vehicle).

Exclusive: Danny Kim raising $8M for long-promised EV

The startup is repositioning itself as a robotics company.

A rendering of a silver enclosed motorcycle speeding along a mountainside highway.

The startup's $32,000 X-1 electric vehicle claims up to 190 miles of driving range. Rendering: Courtesy of Lit Motors

Lit Motors, the 15-year-old mobility startup led by Danny Kim, is aiming to raise $8 million in seed funding for its long-promised two-seat electric vehicle, the CEO tells Axios Pro.Why it matters: The raise marks a relaunch for a company now positioning itself as a deep tech robotics developer.

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Exclusive: Danny Kim raising $8M for long-promised EV

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