Peaxy, a cloud software company specializing in battery lifecycle analytics, has secured $12 million in a Series B2 funding round to transform battery lifecycle analytics and digital twins.

The new funding will enable Peaxy to accelerate the development and deployment of its flagship product, Peaxy Lifecycle Intelligence (PLI), a cloud-based predictive analytics platform. PLI leverages artificial intelligence and machine learning to unify and analyze data from all stages of the battery lifecycle, from research and development to manufacturing, integration, operations, and end-of-life.

Peaxy was founded in 2012 and is headquartered in San Jose, California. The company has offices in Europe and Asia and serves customers across various industries, such as energy storage, renewable energy, electric vehicles, aerospace, and defense.

Manuel Terranova, CEO and President of Peaxy said: “Our customers are finding that managing their battery data is becoming more and more challenging and costly. This funding round expresses confidence in our vision for a unified, AI-driven solution for battery data management and digital twins. With the support of our investors, we’re poised to lead the industry with a mature and proven product offering and the deep domain experience Peaxy brings to its customers.”

NEU Battery Materials, a lithium-ion battery recycling startup, recently raised $3.7 million in an oversubscribed Seed Funding Round led by SGInnovate, a Singapore government-backed Deep Tech investor and ecosystem builder. ComfortDelGro Ventures, Shift4Good, Paragon Ventures I, and other angel investors joined the round.

According to Mercom’s Q1 2023 Funding and M&A Report for Storage and Smart Grid, Total corporate funding—including venture capital (VC) funding, debt financing, and public market financing—in Energy Storage came to $2.2 billion in 27 deals compared to $4.3 billion in 31 deals in Q4 2022. Funding decreased significantly year-over-year (YoY) compared to $12.9 billion in 27 deals in Q1 2022.

July 19, 2023 CORRECTION: Inaccurately listed investors have been removed.