Jump to content

Arc (company)

From Wikipedia, the free encyclopedia
Arc
IndustryBoat building
Founded2021
FoundersMitch Lee, Ryan Cook
Headquarters
Los Angeles
,
United States
Key people
Mitch Lee (CEO), Ryan Cook (CTO)
ProductsArc One, Arc Sport
Websitearcboats.com

Arc Boat Co. (Arc) is an American electric boat startup based in Los Angeles. It has received multiple rounds of funding totalling more than US$100 million[1] from venture capital firms Andreessen Horowitz and Lowcarbon Capital[2][3] and investments from Will Smith and Kevin Durant. It has released two fully electric boats since its founding in 2021, the Arc One and the Arc Sport.

Background

[edit]

Arc was cofounded in 2021 by Mitch Lee, who serves as its chief executive, and Ryan Cook, who serves as its Chief Technology Officer as Arc Boat Co.[4] Cook had previously worked at SpaceX as a lead engineer.[5][6] In October 2021, the company raised an undisclosed sum in a closed seed from investors including venture capital firm Andreessen Horowitz, Will Smith, Kevin Durant, and Sean Combs.[7] The next month, the company raised an additional US$30 million from both new and returning investors, including Smith, Durant, and Combs.[8]

Products

[edit]

Arc has released two fully electric boats since its founding in 2021.[5]

Arc One

[edit]

A 24-foot fully electric boat, the Arc One became available for order in late 2021 at $US300 thousand, with delivery starting during the spring of 2022. Powered by 200kwh battery packs, it was capable of staying on the water for five hours.[5] The Arc One has a 12 person capacity and has 500 horsepower.[9][10] Its design was considered "elegant" by The Verge's transportation editor Andrew Hawkins.[11]

Arc Sport

[edit]

Arc's second fully electric boat, the Arc Sport was debuted in February 2024.[12]

References

[edit]
  1. ^ Korosec, Kirsten (2023-09-27). "EV boat startup Arc wades into watersports with $70M in fresh funding". TechCrunch. Retrieved 2024-07-15.
  2. ^ Hawkins, Andrew J. (2024-02-20). "Electric boat startup Arc expands lineup with new plug-in sports boat". The Verge. Retrieved 2024-07-15.
  3. ^ Sriram, Akash (2024-02-20). "Will Smith-backed Arc launches mass-market electric sport boat for $258,000". Reuters. Retrieved 2024-07-15.
  4. ^ Ludlow, Edward (2023-09-27). "Arc Raises $70 Million to Build the Tesla of Boats". Bloomberg. Retrieved 2024-07-15.
  5. ^ a b c Ohnsman, Alan. "This Celebrity-Backed Electric Boat Upstart With SpaceX, Tesla Roots Hauls In $30 Million". Forbes. Retrieved 2024-07-15.
  6. ^ Wilson, Mark (June 9, 2022). "Inside the design of the $300,000 Arc One electric boat". Fast Company. Retrieved July 15, 2024.
  7. ^ Korosec, Kirsten (2021-10-29). "Will Smith, Kevin Durant and Sean 'Diddy' Combs invest in electric boat startup Arc". TechCrunch. Retrieved 2024-07-15.
  8. ^ O'Kane, Sean (2021-11-23). "Arc raises $30 million to power its electric boat ambitions". The Verge. Retrieved 2024-07-15.
  9. ^ Orrall, Jesse (November 12, 2023). "Test-Driving the 100% Electric Arc One Speedboat". CNET. Retrieved 2024-07-15.
  10. ^ DeMuro, Rich (December 13, 2023). "Tesla-inspired speedboat is fast with no fumes". KTLA5. Retrieved July 15, 2024.
  11. ^ Hawkins, Andrew J. (2022-03-03). "The Arc One is an electric boat with a battery pack three times the size of Tesla's". The Verge. Retrieved 2024-07-15.
  12. ^ Kolodny, Lora (2024-02-21). "EV boat maker Arc debuts a premium wake sport model for $258,000". CNBC. Retrieved 2024-07-15.