Accure Battery Intelligence closes major financing round
Accure Battery Intelligence, a provider of predictive analytics software to optimise battery safety, performance and lifetime for electric vehicles, stationary energy storage and other applications, has closed a €7.2 million ($7.8 million) funding round.
Accure plans to use the investment to continue its international growth. The funding round was led by Blue Bear Capital and HSBC Asset Management while existing investors such as Riverstone Ventures and Capnamic Ventures also participated. The breakdown of the €7.2 million is not mentioned there. Accure Battery Intelligence is based in Bozeman in the US state of Montana and in the German city of Aachen. There is also a customer in Germany: Accure’s battery monitoring system is also being tested by the Berlin public transport company BVG.
Accure’s predictive analytics platform uses operational data, physical models and artificial intelligence to detect anomalies and provide an independent view of the condition of monitored batteries. In this way, the platform is said to provide fleet operators and energy storage providers with enhanced monitoring capabilities and “several weeks’ lead time” to address critical issues. The company says it has “prevented over 50 battery incidents”.
Since battery storage failures or even fires can result not only in expensive damage but also in lost revenue, increased safety and reliability are also financially relevant factors. Accure states that customers who use its own analytics platform can also benefit from “improved insurance terms”, such as lower premiums and deductibles. Specifically, Accure is working with HDI Global on this.
“ACCURE is on a mission to improve battery safety, reliability, and longevity,” said Kai-Philipp Kairies, co-founder and CEO of Accure. “Our predictive analytics software already supports more than three gigawatt-hours of storage, preventing numerous battery incidents, and most importantly, our customers now have peace of mind knowing that an independent and trusted partner is ensuring safe, high-performing systems.”
“We see advanced software like ACCURE’s increasing the safety, output and value of battery assets, becoming one of the most important tools in the global buildout of renewable energy, energy storage, electric vehicles, and other battery-powered infrastructure,” said Carolin Funk, Partner at Blue Bear Capital, explaining the investment. Christophe Defert, Head of Climate Technology Investments at HSBC Asset Management, adds: “As the world’s use of batteries grows exponentially in our homes, businesses, vehicles, and electric grids, the need for safety and reliability has never been greater.”