Xcelerate Auto, a fintech that focuses on the electric vehicle market, is moving its headquarters to McKinney with a boost from the McKinney Economic Development Corporation’s (MEDC) Innovation Fund.
Xcelerate’s home base will sit on Davis Street at Dallas-based Common Desk’s newest coworking space, where a number of other tech companies are also looking at moving into, according to the MEDC.
Xcelerate offers funding support and ancillary products to EV manufacturers like Tesla. As a sustainable transportation company, Xcelerate focuses on consumer and commercial lending and warranty products for EVs and autonomous fleet tech.
The startups acts as an “alternative to traditional vehicle purchasing, leasing, and management.” Recently, it launched its flagship product, X-Care EV Protection, a vehicle service agreement that covers Tesla vehicles for up to 175,000 miles. According to Xcelerate, the agreement is the first of its kind.
Xcelerate aims to grow exponentially in the expanding EV market. Currently, electric vehicles make up around 2 percent of the vehicle market. But public charging and technology is continually improving—leaving “ample room” for the startup to make its mark.
The company says the sustainable vehicle market is expected to reach 233.9 million units globally by 2027. By 2025, 20 percent of all new cars sold are projected to be electric.
“We’re so excited to partner with Xcelerate Auto on their relocation to McKinney,” Mike DePaola, director of technology and research at the MEDC, said in a statement. “The Xcelerate team has been great to work with and we’re looking forward to seeing them scale.”
With the move, Xcelerate Founder and CEO K.J. Gimbel plans to offer charging infrastructure and community events to the McKinney community. He sees the area “becoming a destination for consumers and business to transition into the sustainable future.”
Gimbel and his team “can’t wait to put McKinney on the EV map.”
The Innovation Fund continues to boost tech in McKinney
The MEDC Innovation Fund was designed with companies like Xcelerate in mind. The initiative aims to spur and accelerate the growth of innovation-focused companies in the area during the timeliest need of their life cycle. Despite the ongoing pandemic, the MEDC has been landing tech startups at warp speed.
We previously told you about:
• Blockit, a healthcare SaaS company;
• EnginSoft, an engineering company in the field of computer-aided engineering (CAE);
• CourMed, a crowdsourced healthcare delivery platform;
• MyTelemedicine, a virtual platform that provides the healthcare industry with technology and an extensive API suite;
• Invene, a healthcare software development startup that was based in UTD’s Venture Development Center;
• Aiotics, an AI startup that makes scalable, easy-to-use solutions;
• Falkon Technologies, a custom software development company;
• Alanna.ai, an SaaS startup that aims to simplify land and title transactions; and
• Robin Autopilot, a robot tech company.
All used grants from the Innovation Fund to scale or relocate in McKinney.
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