German battery monitoring startup Accure has raised €7.2 million ($7.8m) in new funding.
The round was led by Blue Bear Capital and HSBC Asset Management, and included Riverstone Ventures and Capnamic Ventures.
Focusing on Lithium-Ion batteries, Accure bills itself as a provider of predictive analytics software to ensure battery safety, performance, and extended life.
The company said the new funding will accelerate its growth and provide comprehensive battery asset health and monitoring solutions to businesses worldwide.
“Accure is on a mission to improve battery safety, reliability, and longevity,” said Dr. Kai-Philipp Kairies, co-founder and CEO at Accure. “Our predictive analytics software 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.”
Accure says its cloud-based predictive analytics platform uses AI, field data, and modeling to detect irregular Lithium-Ion battery cell behavior and provide an independent view of battery health.
The platform gives the likes of fleet operators and energy storage providers “weeks” of lead time to address critical issues.
The company said it is currently supporting more than 3GW of battery deployments, and its solutions have led to the prevention of more than 50 battery incidents.
“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 build-out of renewable energy, energy storage, electric vehicles, and other battery-powered infrastructure,” said Dr. Carolin Funk, partner at Blue Bear Capital.
“As energy and mobility lead the electrification of industries globally, we are excited to be supporting Accure to scale their battery intelligence platform,” added Christophe Defert, head of climate technology investments at HSBC Asset Management. “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.”
Accure previously raised $8 million in September 2021 in Series A funding from Blue Bear Capital alongside existing investors Capnamic Ventures and 42CAP. To date, the company has raised $18.5 million according to Crunchbase.
Claire McDonald, member of the board of HDI Global SE, added: “We see immense growth potential for battery safety and monitoring technology, to prevent incidents and increase the security and economic viability of battery-powered infrastructure.”
Batteries have been the source of several data center fires in recent years, including an SK Group data center in South Korea, a Maxnod facility in France, and a Zenith Bank site n Nigeria.
