- Shaoxing startup aims to redefine the ATV market with modular design
- Funding led by Hillhouse and Seas Capital to support R&D, team building, and overseas rollout
ModMax, a Zhejiang-based developer of intelligent electric all-terrain vehicles (ATVs), has secured consecutive seed and angel rounds of funding totaling tens of millions of dollars, with backing from Hillhouse Capital, Seas Capital, and Yunmu Capital, Chinese tech news outlet 36Kr reported today.
The funding will go toward developing the company’s first vehicle, assembling a full product team, and laying the groundwork for international brand expansion.
ATVs are a staple in North American agriculture and recreation, with roughly one million farms and ranches relying on them and millions of off-road enthusiasts fueling annual demand.
The global ATV market reached $11.95–21 billion in 2024, nearly half of which comes from North America, historically dominated by Polaris, BRP, Honda, and Yamaha, whose combined concentration in some segments reaches 97%.
However, these market incumbents increasingly face challenges from carbon-neutral policies, energy transition and noise control.
Headquartered in Keqiao District of Shaoxing, ModMax is taking a different approach than simply electrifying fuel-powered vehicles.
Its modular product design leverages flexible “three-electric” systems — battery, electric motor and electric control unit — to create a high-redundancy, scalable hardware architecture.
Founder and CEO Lin Ji explained that the biggest technical hurdle for electric ATVs is power management in extreme off-road conditions.
“While electric motors provide instant torque, excessive force on muddy or rocky terrain can cause wheel slip,” he said.
In response, he claims that ModMax’s proprietary control algorithms deliver precise linear traction, enabling silent operation in agricultural settings while unleashing explosive power in competitive scenarios.
ModMax’s modular design extends to user customization: whether for hunting, desert traversal, or farm work, buyers can reconfigure vehicle modules like building with Lego blocks, Lin explained.
More than a motor swap
The startup aims to shift the current ATV from a “mechanically defined” to a “software-defined” product, targeting new consumer segments sensitive to noise and ease of use, while sidestepping direct competition with fuel-powered incumbents.
“An electric ATV isn’t just a motor swap—it’s a revolution in product logic, a completely new species and market,” Lin told 36Kr.
Lin previously led product development at Ninebot and Segway’s innovation divisions, spearheading the Ninebot Go-Kart series, GT electric skateboard, and E-bike lineup.
ModMax’s core team draws heavily from Ninebot, DJI, and other hardware-focused tech unicorns.
