Gilbert-based company ZEVX, the worldwide leader in intelligent EV power system delivery, recently closed over $20 million dollars in the first tranche of a national funding round as Arizona becomes a larger, more prominent technology and venture capital hub in the United States.
ZEVX received investments from multiple partners across the nation, including Reynolds Partners, a large venture capital firm in Houston, as the company seeks to become a rapid innovator in battery electric power systems and data intelligence for e-mobility applications. Additionally, the team announced Dr. Don Listwin, the founder of the Canary Foundation, a research organization focusing on early cancer detection innovations, will be its new CEO.
“As the world begins to embrace the massive overall move toward EV technology, ZEVX is leading the transformation of commercial fleets of all sizes toward electric and zero carbon,” Listwin said. “To my mind there is no more impactful and promising business to be in right now. This new round of funding, with the addition of proven difference makers on the board and the executive team, just adds to the momentum ZEVX has already achieved.”
But experts say ZEVX’s success alludes to a larger story: Arizona is becoming a leading technology center in the 21st century economy.
On the heels of the 6th annual invisionAZ Tech Summit, an Arizona-based technology symposium where global thought leaders, business executives, investors and public officials discuss Arizona economic growth at the WM Phoenix Open, the state has started to be regarded as a new nexus for entrepreneurship and innovation.
Most recently, U.S. Secretary of Commerce Gina Raimondo spoke with Sen. Mark Kelly, D-Ariz., to discuss how Arizona is enabling the nation to become more self-reliant through robust chip manufacturing.
Taiwan Semiconductor Manufacturing Company and Intel’s expansion have exemplified the state’s welcoming business environment, additionally demonstrating how the state propelled the nation into a new era of technological advancement. The next wave of innovation will take place on the factory floor, which perfectly suits a state with a booming manufacturing sector.
“The Arizona government has been a great collaborator,” said Bruce Andrews, Intel’s chief government affairs officer, in a New York Times article. “By investing in semiconductors early, they created an ecosystem that has had a jobs multiplier effect and massive economic benefits.”
Other unique startups have followed suit, including community-driven businesses like Uplinq, an augmented financial intelligence service, leading efforts to advance small businesses into the future of bookkeeping and providing business owners with key, up-to-date data. And other California companies like WayMo, continue to call Arizona a home while making significant strides in innovative, future technologies designed for the masses such as safe, automated transportation.