Zitara, a battery management software provider, closed $17 million in a Series AA funding round led by Salesforce Ventures, with participation from Emerson Ventures, Chevron Technology Ventures, Energy Impact Partners, and Climate Capital.
Based in San Francisco, the company says the funding will help improve battery performance and reliability by accelerating its battery management software innovation across energy storage applications. It plans to improve relationships and business development efforts with independent power producer (IPP) and investor-owned utility (IOU) customers that own and operate large-scale, front-of-the-meter battery energy storage systems.
“Zitara’s cutting-edge battery management software aligns with our focus on supporting innovative technologies that drive sustainability and efficiency. We believe Zitara has the potential to significantly impact the rapidly growing energy storage market,” said Claudine Emeott, Partner at Salesforce Ventures.
In 2022, the company announced the closing of a $12 million Series A round to accelerate the adoption of its software with a near-term focus on state monitoring and safety problems faced by mobility and grid-scale customers adopting lithium iron phosphate batteries. Energy Impact Partners led the funding round with existing investors NextView Ventures, Collaborative Fund, and Trucks VC.
“This is the latest investment from our $300 million Future Energy Fund II, which focuses on industrial decarbonization, emerging mobility, energy decentralization, and the growing circular economy. We welcome Zitara to the portfolio.” said Jim Gable, Vice President, Innovation and President of Technology Ventures at Chevron.
According to Mercom’s 9M and Q3 2024 Funding and M&A Report for Energy Storage and Smart Grid, VC funding for Energy Storage companies in 9M 2024 came to $2.7 billion in 61 deals, a 69% decrease year-over-year compared to $8.6 billion in 68 deals in 9M 2023.
