On Tuesday, Qnovo, the California-based battery analytics firm whose software is installed in some 150 million smartphones globally (by its own count), announced that it has raised $24 million in Series C venture capital. The round was led by listed automotive components maker BorgWarner, with significant participation by OGCI Climate Investments, the $1 billion investment fund of the Oil and Gas Climate Initiative, and Constellation Technology Ventures, a renewables investment arm of listed energy company Exelon. Existing investors U.S. Venture Partners and RockPort Capital also re-upped their participation in the round.
Qnovo, which is reportedly in advanced vehicle qualifications with several global passenger and commercial electric vehicle (EV) manufacturers, says it plans to use the new capital to scale its battery management software into the EV car market, and to support growing demand from grid stationary storage systems.
The company’s software products for EV cars, which are installed in the vehicle, provide enhanced battery health and performance, including very fast charging, extended battery longevity and driving range for next-generation automobiles and commercial vehicles. Qnovo says its predictive software intelligence greatly improves battery safety by avoiding battery recalls due to latent manufacturing defects.
“Qnovo takes a unique approach to enhancing battery management,” said BorgWarner’s Chief Technology Officer Harry L. Husted, commenting on the investment. “Their advanced battery management software provides safety, performance, and predictive software intelligence missing in traditional battery management systems, but critical to deliver robust battery experience.”
“We are delighted to welcome Qnovo as our 24th portfolio investment”, said OGCI Climate Investmetns CEO Pratima Rangarajan. “Our focus on facilitating significant near and long-term emissions reduction is well-matched with Qnovo’s early results and future potential.”
“This new capital along with our strategic partnerships will accelerate the deployment of our software solutions in the EV market and further expand into green energy storage and sustainability markets,” said Qnovo CEO Nadim Maluf.
