36Kr Exclusive | Former Product Vice President of Niu Technologies Launches All-Terrain Vehicle Startup, Secures Multi-Million-Dollar Investment from Hillhouse Capital, Cloud Time Capital, and Cloud Mu Capital

Author | Zhang Ziyi

Editor | Yuan Silai

Yingke learned that ModMax, a developer of intelligent electric all - terrain vehicles, has recently completed consecutive seed and angel rounds of financing worth tens of millions of US dollars. The financing was invested by Hillhouse Capital, Yunshi Capital, and Yunmu Capital. It is reported that the funds from this round of financing will be mainly used for the R & D and production of the first product, the establishment of a complete - scale team, and the initial brand expansion in overseas markets.

The all - terrain vehicle business has been thriving in the European and American markets. It is not only an essential productivity tool for about one million farms and ranches in North America but also a heavy - duty toy for millions of off - road enthusiasts to sweat at carnival events every year.

Public data shows that the global all - terrain vehicle market reached approximately 11.95 billion to 21 billion US dollars in 2024, and the North American market accounted for nearly half of the share. For a long time, this track has been monopolized by giants from the United States, Canada, and Japan, such as Polaris, BRP, Honda, and Yamaha. The concentration of the top four companies in specific market segments is as high as 97%.

However, against the backdrop of the carbon - neutral trend and energy transition, traditional fuel - powered all - terrain vehicles are facing increasingly severe challenges. The high - decibel noise, high maintenance costs, and emission restrictions caused by internal combustion engines have gradually become pain points limiting the user experience in specific scenarios such as ecological hunting, high - end leisure vacations, and suburban farms.

Facing the existing market dominated by giants, ModMax did not choose a simple "fuel - to - electric" replacement solution. Instead, it reconstructed this category through the "modular" product concept. The core logic is to use the flexibility of the three - electric systems of electric vehicles to create a highly redundant and expandable hardware architecture.

In terms of technology implementation, the biggest barrier brought by electrification lies in power management in extreme off - road environments. Lin Ji said that the motor has the characteristic of large instantaneous torque, but on muddy or gravel roads, excessive torque can easily cause the wheels to spin out of control.

To address this, ModMax independently developed a set of intelligent control algorithms to achieve linear traction through precise electronic control algorithms. This enables the vehicle to achieve extreme quietness in agricultural scenarios and release instantaneous explosive power surpassing that of fuel - powered vehicles in competitive scenarios.

In ModMax's vision, the "modular" design of the product is not only reflected in power but also in scene adaptability. Whether users are going hunting in the forest, crossing the desert, or transporting goods on the farm, they can freely modify the vehicle's functional modules like building with Lego.

ModMax hopes to shift from the "mechanical definition" to the "software - defined" approach, targeting emerging C - end users who are sensitive to noise and have high requirements for ease of operation, avoiding direct competition with fuel giants in the traditional performance field.

"An electric all - terrain vehicle is not just a matter of replacing the engine with a motor. It will bring a revolutionary change to the entire product logic and is a brand - new species and track," Lin Ji, the founder and CEO of ModMax, told Yingke.

On the one hand, electrification lowers the driving threshold. Compared with the traditional complex mechanical transmission, intelligent digital control may allow all - terrain vehicles to penetrate from the "hardcore tools" of a few professional players to a wider range of mass consumers. On the other hand, the "quiet" characteristic of electrification endows the product with new scene value.

Lin Ji told Yingke: "On this premise, creating an innovative category that 'thinks differently' and entering a market with unique offerings can bring real pricing power and relatively high profits."

In ModMax's view, through intelligent premium and scene expansion, it can not only take advantage of the industrial chain dividends of China's electric vehicles but also create an "electric era" of its own through "inventive innovation."

In terms of the team, founder Lin Ji once served as the vice - president of product at Ninebot and the general manager of Segway's innovation division. He led the R & D and launch of several blockbuster products such as the Ninebot Kart series, the Super Scooter GT series, and the E - bike series from scratch, with a cumulative operating revenue of billions of yuan. Most of the core team members come from hard - tech unicorns like Ninebot and DJI and have extensive experience in developing new product categories.

Investors' Views:

The person - in - charge of Hillhouse Ventures' project said: We have long been concerned about the intersection of future mobility, intelligent technology, and green - low - carbon lifestyles. We believe that this round of technological change will lead from "function satisfaction" to "experience reconstruction." As an outdoor carrier with both functional practicality and new experience value, the all - terrain vehicle is an extremely extensible entry point in this trend. Founder Lin Ji and the core team have the rare ability to create blockbusters from scratch in the hard - tech field multiple times. They lead ModMax to redefine the category with a modular architecture and electronic control algorithms, demonstrating a profound understanding of user scenarios, product definition, and the global market. We are optimistic that ModMax will continue to create global new species with long - term value in the wave of intelligent mobility and outdoor life.

Li Xiang, an investor from Yunshi Capital, said: We believe that relying on China's infrastructure and talent advantages, there are significant opportunities for global innovative technology products at the intersection of each new wave of driving forces, scenarios, and business models. Intelligence makes mechanical decoupling and modular design possible, bringing a series of new opportunities for mobility and outdoor products. The ModMax team started from first principles on Day 1 and firmly invested in the R & D of next - generation outdoor entertainment products. A talented product manager paired with a R & D team with full - stack hardware and software capabilities and AI enhancement imports in - depth insights into overseas users and all channels into product definition and conducts high - speed development and iteration. They are pure, passionate, and focused. Yunshi Capital is willing to accompany the ModMax team with industry vision and innovation drive in the long term to embrace new species in the fields of intelligent mobility and the outdoors.

Ye Tianyun, the founding partner of Yunmu Capital, said: We are optimistic about ModMax not only because the all - terrain vehicle is a high - quality and long - standing global track but also because the team has a deep understanding of product definition and global user needs. Electrification, intelligence, and modularization are reconstructing this traditional category, and Lin Ji and the core team have the ability to create new product categories and blockbuster products from scratch multiple times. We believe that ModMax can create a truly differentiated new species with pricing power!