Recurrent, an electric vehicle (EV) and battery health data company, has secured $16 million in an oversubscribed Series A funding round led by ArcTern Ventures.
The funding round witnessed additional investments from Automotive Ventures, Goodyear Ventures, Wireframe Ventures, Pioneer Square Labs, and others.
The company plans to use the funding to expand its EV Battery reports.
Unlike conventional vehicles, EVs rely on batteries that degrade over time, affecting the vehicle’s range and efficiency. Recurrent aims to address the uncertainty about the battery’s health and performance faced by used EV buyers.
The company assesses the condition of the battery and estimates its future lifespan and range based on data collected from a network of volunteer EV drivers across the U.S.
“Our market indicators suggest that we are at the start of an inflection point for used electric cars in the U.S.,” said Scott Case, CEO of Recurrent.
Recently, Modo Energy, a London-based energy storage data and research software platform, secured $15 million in Series A funding led by MMC Ventures along with existing investors Triple Point Ventures and Fred Olsen. The funding will be used for expanding the business, product enhancement, and global expansion plans. The company is expected to fund its entry into the Texas and ERCOT markets, followed by the rest of the U.S., and expand to Europe.
According to Mercom’s 9M And Q3 2023 Funding and M&A Report for Storage & Smart Grid, VC funding in Energy Storage in the first nine months (9M) 2023 was up by 115% year-over-year with $8.6 billion in 68 deals compared to $4 billion in 74 deals in 9M 2022.