• Targeting two-digit million euros round
• Timing will be within the first half of 2027
• Open to new investors from across Europe

Pulsetrain, a developer of in-battery powertrains for electric vehicles (EVs), has begun talking to investors ahead of its next funding round, CEO and co-founder Niclas Lehnert told Mergermarket.

The German company has begun receiving approaches from potential investors, Lehnert said, adding that it wants to build links before opening the round within the first half of 2027. “It’s better to have that relationship before asking for money.”

The exact sum to be raised has not yet been determined, but Lehnert suggested the German company would be looking to raise a two-digit million euros figure in the next funding round.

“Right now, we are validating and testing our technology in terms of pre-industrialisation and pre-productisation, alongside our customers,” Lehnert said. “We need those proof points to make the case to investors and proof product-market fit.”

Pulsetrain works with an unnamed tax advisor on corporate affairs, Lehnert said. No financial advisor has been appointed for the funding round, he added.

While existing shareholders would be invited to join the round, the round will be open to new investors across Europe, the CEO said.

The company is currently controlled by Lehnert and his five co-founders, including chief strategy officer Leopold König.

In March 2025, the company raised just over EUR 6m in seed funding from Vsquared Ventures and Planet A along with Climate Club. Ananda and Bayern Kapital are also early funders of the business.

The proceeds of the seed round were used to scale the business, “growing the team faster, growing our capabilities in terms of technical resources faster along with capex investments in order to not be outpaced by a competitor,” Lehnert said.

Democratic batteries

Pulsetrain is working towards “democratising the battery systems for mobility by transforming currently hardware-defined battery systems into software-defined ones,” Lehnert said.

The applications for the company’s tech ranges from small, two-wheelers such as motorbikes, to larger machinery such as passenger cars but also construction and defence applications. Its customer base encompasses both original equipment manufacturers (OEMs) and tier 1 suppliers, Lehnert added.

The company constantly evaluates its tech, Lehnert said, adding that the question at the forefront of his mind is whether it is better to develop something internally or to seek a partnership.

“Is it so unique that only we can do it and only we want to do it? Or is it rather something that can be done by a partner, more cost efficient and sometimes even faster?”

The company faces competition across three broad categories: automotive-focussed OEMs; suppliers from tiers 1 and 2 and sometimes tier 3; and start-ups, including Scalvy of the US.

In March, Scalvy reported that it raised USD 13.9m in an over-subscribed Series A led by an undisclosed strategic investor and venture capital firm Silicon Badia.

Pulsetrain was founded in 2022 and is headquartered in Munich.