- Qnovo recently announced it raised $24 million in Series C funding
Qnovo — a pioneer in battery management software — recently announced the closing of $24 million in Series-C financing. BorgWarner led the round with significant participation by OGCI Climate Investments and Constellation Technology Ventures.
The existing investors U.S. Venture Partners and RockPort Capital also participated. And the company — which is in advanced vehicle qualifications with several global passenger and commercial electric vehicle (EV) manufacturers — will use the new capital to scale their software products into EV production and support growing demand from grid stationary storage systems.
Qnovo’s in-vehicle software products provide enhanced battery health and performance — which includes very fast charging, extended battery longevity and driving range to meet the demands of next-generation automobiles and commercial vehicles. And the company’s predictive software intelligence greatly improves battery safety by avoiding battery recalls due to latent manufacturing defects.
KEY QUOTES:
“Qnovo takes a unique approach to enhancing battery management. Their advanced battery management software provides safety, performance, and predictive software intelligence missing in traditional battery management systems, but critical to deliver robust battery experience.”
— Harry L. Husted, Chief Technology Officer of BorgWarner
“We are delighted to welcome Qnovo as our 24th portfolio investment. Our focus on facilitating significant near and long-term emissions reduction is well-matched with Qnovo’s early results and future potential.”
— Pratima Rangarajan, CEO at OGCI Climate Investments
“This new capital along with our strategic partnerships will accelerate the deployment of our software solutions in the EV market and further expand into green energy storage and sustainability markets.”
— Nadim Maluf, CEO of Qnovo
