Volytica again secures millions in funding
German battery diagnostics specialist Volytica Diagnostics has closed a new financing round of 5.5 million euros. Volytica plans to use the capital to scale its business, refine its battery analysis technology and expand into global markets.
The round was led by the Dutch company SHIFT Invest and EnBW’s investment arm, EnBW New Ventures. Other investors include Dutch TN Ventures (the venture capital firm of the founders of e-bus management company ViriCiti), FTTF (Fraunhofer Technology Transfer Fund) and existing shareholders such as Technologiegründerfonds Sachsen (TGFS) and Atlantic Labs.
Volytica offers services such as life cycle management, usage optimisation, and risk and safety assessments of batteries. For example, second-life applications such as remarketing or recycling should be possible or improved if the exact condition of the battery is determined. Volytice credits its own diagnostic methods with a “superior level of depth, thanks to more than ten years of experience and outstanding data analysis capabilities.” The algorithms are said to eliminate the need for physical lab tests. In 2022, the company announced a deal to that effect with Mahle Aftermarket, for example.
“This financing round marks a pivotal moment for volytica. With the support of SHIFT, ENV and the ViriCiti founders, we’re now equipped to develop and scale our solutions to support the rapidly expanding battery market in both stationary and e-mobility applications,” says Volytica’s CEO Claudius Jehle. “We believe we can play a crucial role in driving both value and impact across many sectors in the years to come – this round significantly shortens our timeline to get there.”
Melanie Beyersdorf, investment manager at EnBW New Ventures, explains the investment as follows: “We see energy storage not merely as a complement, but as a central building block for the energy transition. Volytica’s groundbreaking analytics are perfectly positioned to maximise the potential of this shift. We see this technology having a substantial impact across many industry segments and believe in the experienced team.”
Volytica Diagnostics was founded in 2019 as a spin-off from the Fraunhofer-Gesellschaft. The company focuses on safe and easy-to-integrate battery diagnostic solutions based on decades of research by the Fraunhofer Institute for Transportation and Infrastructure Systems IVI. Customers are in particular groups and companies in the automotive, commercial vehicle and capital goods sectors, their suppliers, banks, insurers and lessors.
The company had already closed a financing round worth millions in 2021 (with FTTF and TGFS as investors, among others). The exact amount of funding was not disclosed at the time.