Zitara, a machine-learning powered battery management software company, has announced the close of a $12 million Series A round led by Energy Impact Partners with existing investors NextView Ventures, Collaborative Fund, and Trucks VC.
Based in San Francisco, Zitara builds cloud-based software to optimize battery-powered assets’ safety, reliability, and lifetime. The company will use the capital from this 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.
“We’re experiencing significant counter-cyclical demand for Zitara’s advanced battery modeling and management software offerings. Customers producing or operating large deployments of battery-powered assets are finding our solutions to be mission-critical in today’s challenging economy. We help them multiply the power of their existing engineering teams with a convenient and transparent product that saves money and allows them to be efficient and flexible in the face of fragile battery supply chain,” said Shyam Srinivasan, CEO of Zitara.
With decarbonization on the rise, industries like energy generation and transportation will need to be battery-powered, storing energy to power 30% of global GDP.
“We see a clear pain point across our partner base and portfolio companies: existing battery management systems are not as safe, reliable, and profitable as enterprises deploying them need them to be. Zitara’s product gives customers better visibility into the state of their assets to improve safety, increase margins, and extend lifetime. With the unprecedented proliferation of batteries across industries, the timing could not be better for a solution like Zitara’s,” said Cassie Bowe, partner at EIP.
Last year, Blue Bear Capital, a U.S.-based investor focused on digital technologies for energy and climate solutions, Capnamic Ventures, and 42CAP invested $8 million in ACCURE, a software and artificial intelligence driven battery analytics startup based in Aachen, Germany.
According to Mercom’s 1H and Q2 2022 Funding and M&A Report for Storage, Grid & Efficiency, In Q2 2022, VC funding for Energy Storage, Smart Grid, and Efficiency companies increased to $2.4 billion in 34 deals compared to $1.6 billion in 37 deals in Q1 2022.