# Protean

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/protean

- Industry: Automobiles, Other Vehicles & Parts
- Headquarters: Farnham, UK
- Website: www.proteanelectric.com
- Total disclosed funding: $22M
- Latest round: Series E (May 21, 2018)
- Investors on record: 1

## About

Protean Electric Limited is a UK-based company specializing in innovative in-wheel motor technology for electric vehicles, enhancing performance and efficiency with their advanced systems.Founded in 2008 and headquartered in Farnham, UK, Protean Electric Limited designs and manufactures in-wheel motor systems, specifically their flagship product, ProteanDrive. The company focuses on energy efficiency and reducing vehicle weight. In February 2026, Exedy agreed to fully acquire Protean Electric Limited from GSR Ventures, Jiangsu New Times Holding Group Co., Ltd. and Oak Investment Partners for JPY 5.07 billion. Andrew Whitehead is the CEO of the company, which has successfully completed five funding deals to date.Protean specializes in the design and manufacturing of in-wheel motor technology, particularly the ProteanDrive system that integrates electronics and control within vehicle wheels. This eliminates the need for conventional drivetrain components and enhances the performance of electric vehicles by improving torque response, acceleration, and driving range. Their technology is suitable for various vehicle types including passenger cars and light commercial vehicles, with applications aimed at markets in North America, Europe, and Asia.In 2023, Protean Electric Limited reported a revenue of GBP 9,327,637.70, while the EBITDA for the same year was GBP -6,052,467.20. Their revenue model is primarily B2B, partnering with automotive manufacturers for technology integration, which includes contracts structured around project milestones and performance benchmarks.Protean Electric is focused on expanding its product offerings, particularly with the development of new in-wheel motor technologies aimed at enhancing electric vehicle efficiency. The company plans to target markets in North America, Europe, and Asia for expansion.

## Funding rounds

- Series E, May 21, 2018, $22M — Oak Investment Partners

## Investors

- Oak Investment Partners (https://capitalatlas.ai/funds/oak-investment-partners) — Series E