Munich Startup: When we last spoke, you were working on getting your first aircraft in the air. What successes have you celebrated since then?
EFT Mobility: A lot has happened since our last conversation. We successfully completed our first flight, followed by numerous test flights to refine our technology and ensure its reliability. One of our recent achievements was the world record for a tethering drone with the highest payload (this drone is powered through a cable and can theoretically fly indefinitely).
Beyond that, we’ve experienced significant demand from other industries such as commercial vehicles, off-road vehicles, and boats, which underscores the versatility and uniqueness of our drives. In response to this growing demand and to better serve these new customer segments, we strategically decided to rename our company to EFT Mobility.
In these new markets, we’ve already achieved our first major successes. We’ve equipped our first vehicle with our drives and it’s now in the field. This expansion not only widens our market reach but also underscores our commitment to innovative and sustainable mobility solutions across various mobility industries.
Munich Startup: And what obstacles have you encountered along the way?
EFT Mobility: Our journey wasn’t always smooth. A significant challenge revolved around the product-market fit of our drive products, where we made several strategic pivots to adapt to evolving market needs. This led to the development of a very different version of our product than we originally anticipated. It required extensive collaboration with our customers to truly understand their needs and adjust our offering accordingly.
Despite these obstacles, we remained resilient and adaptable, treating every challenge as an opportunity for growth and innovation.
“Significant development and evolution”
Munich Startup: How has your solution evolved?
EFT Mobility: Our solution has undergone significant development and evolution since our founding. One of the most remarkable changes is the marked increase in maturity of all our components. Through rigorous research, development, and testing, we’ve achieved a higher level of reliability and performance across all areas.
A key element of this development is the creation of a robust core IP portfolio around essential components of our powertrain. This includes innovations in battery technology, advanced controllers, and efficient power distribution and conversion systems. By solidifying our IP in these critical areas, we’ve strengthened our market position and ensured the differentiation and competitiveness of our solutions.
Munich Startup: And how are you doing financially?
EFT Mobility: We’re currently in very good financial shape. In addition to our first funding round, we were fortunate to receive significant public grants, which have been crucial in supporting the development of our core components such as battery technology, controllers, and power distribution systems.
We’ve also been successful in generating significant revenue. This demonstrates market demand for our solutions and the value we provide to our customers across various industries. The probably most significant financial milestone was achieving profitability in 2023. This milestone not only validates our business model but also positions us for sustainable growth and success in the future.
Munich Startup: What learnings has your founding team taken away so far?
EFT Mobility: First and foremost, we’ve internalized the importance of strong customer focus and understanding. By truly understanding our customers’ wishes and needs, we can direct our efforts in the right direction and ensure that our solutions closely align with their requirements. This customer-centric approach was crucial in guiding our product development and market strategy.
Important learnings for EFT Mobility
Another important lesson we’ve internalized is the importance of fostering a culture of personal accountability. By empowering our team members and giving them ownership of their work, we’ve created an extremely effective and motivated team.
Furthermore, we’ve learned the importance of establishing clear metrics and critical reflection when evaluating potential customers and partners. While it’s tempting to pursue opportunities that appear lucrative or promising at first glance, it’s important to conduct thorough assessments and avoid getting entangled in partnerships that may not come to fruition. This disciplined approach ensures we invest our resources wisely and concentrate our efforts on opportunities that offer the greatest potential for success.
Munich Startup: What role has the Munich ecosystem played in your journey so far?
EFT Mobility: The Munich ecosystem has played a very important role in our journey so far and has offered a variety of benefits that have contributed to our growth and success. First, the proximity of numerous local customers in and around Munich has been crucial for us. This close geographic proximity has facilitated strong relationships with our customers and enabled seamless collaboration, which ultimately drove customer satisfaction and loyalty.
Furthermore, Werk1 and now the MTZ (Munich Technology Center) have provided us with an excellent platform for flexible office expansion. The flexibility of the MTZ was crucial in accommodating our evolving needs as we scale our operations and ensure we have the space and resources we need for our continued development.
