Arc raises $50M for electric boats

Arc, a Los Angeles-based startup, has successfully secured $50 million in funding from prominent investors including Eclipse, a16z, and Menlo Ventures. This significant capital infusion will fuel the company's strategic expansion beyond its current focus on sport boats. Arc aims to diversify its product line by venturing into the development of electric commercial and defense vessels, signaling a bold move into new and potentially lucrative markets within the maritime industry.