It said it was doing this to focus on hiring senior talent.
The company launched in 2018 and manufactures a long-range electric bicycle and a forthcoming ‘WAU Powerwall’ which it said would enable the bike’s power cells to be linked together to serve as power storage for solar homes and power plants among other uses.
It also runs a data gathering product to roll out to all current and future riders of WAU bikes.
The new investment will also enable the business to advance its mapping tech as well as double production at its factory in Essex.
Co-founder Linas Pozerskis said: “We are delighted that Angel Investment Network investors have backed our vision of transforming the mobility sector.
“There is simply no two-wheel electric vehicle platform on the planet that would take all large four-wheel perks and make them portable, from eliminating range anxiety to worldwide tracking to supercharging.
“We are proud that our bikes are British designed, tested, programmed and manufactured. With all ongoing innovation, WAUs will become appreciating assets.
“After focusing heavily on R&D in the initial phase, this investment will help us scale production to the next level and advance our auto-pilot mapping.”
Sam Louis, a director with Angel Investment Network, added: “WAU is one of the most exciting teams we have worked with.
“Their vision of advancing the electric vehicle sector combined with the drive and passion they have for executing it has really set them apart.
“We’re thrilled to have helped support their oversubscribed round on this exciting next phase.”
