St. Louis Inno is publishing profiles of its 2022 Startups to Watch this week. See the entire list of honorees below.
INTRAMOTEV
Headquarters: St. Louis
Founder: Tim Luchini, Corey Vasel and Alex Peiffer.
What it does: Intramotev is developing an autonomous, zero-emissions railcar it says would be able to operate without the use of a locomotive and speed up the process of delivering goods.
The latest: Operating out of a rail shop, Intramotev is currently building a commercial demonstration unit of its vehicle, called the TugVolt. In November, it said it snagged funding from venture fund IdeaLabX to advance the development of its vehicle and its rail autonomy software. It also was a 2021 Arch Grants winner, receiving a $50,000 equity-free grant.
Why you should watch it: The development and commercialization of autonomous and emission-free cars and trucks has generated significant headlines and financial backing. Intramotev believes the same type of technology is just as important for the U.S. rail system and its massive footprint. Without having to wait for a locomotive to pick it up, an autonomous, battery-powered railcar could potentially move goods quicker, helping to mitigate supply chain woes like the current ones experienced globally, while also reducing pollution.
What’s next: Intramotev plans to complete its commercial demonstration unit this year and begin testing the vehicle. With that, the company said it could begin sharing videos of the vehicle as it drives itself. Additional funding is also on the way for the startup. It is currently raising an undisclosed amount of financing, saying it has already secured a significant portion of the funding round.
More about Intramotev
Founded: 2020
Capital raised: Intramotev declined to disclose its funding totals
CEO: Tim Luchini
Employees: Six full-time employees and eight advisers
Investors: IdeaLabX, IdeaLab NY and Cantos. The startup has also received investment from private individuals and family offices.
