Kate, a French automotive manufacturing startup, has raised 7 million euros ($7.7 million) in a seed round of financing.
The round was backed by a horde of business angels.
Kate is planning to utilize the capital from the latest round to develop an alternative to regular cars, electric or not, by making something smaller, cheaper, and easier to maintain, producing two hundred per day.
Furthermore, the startup will also use the funds to accelerate research and development activities around its upcoming K1 vehicle and implore the development of the assembly line process and unveil it in the third quarter of 2023.