BorgWarner and OGCI Climate Investments Complete New Investments in Qnovo in $24M Series-C Funding

Rhea-AI Summary

Qnovo, a leader in battery management software, has successfully closed $24M in Series-C financing, led by BorgWarner with participation from OGCI Climate Investments and Constellation Technology Ventures. The funds will be utilized to enhance their software products for electric vehicle (EV) production and stationary grid storage systems. Qnovo's innovative software improves battery performance and safety, addressing critical needs in next-generation vehicles. This investment aligns with the growing demand for sustainable energy solutions.

Positive

• Secured $24M in Series-C funding for expansion.
• Led by BorgWarner, enhancing industry credibility.
• Advanced vehicle qualifications with global EV manufacturers.
• Investment aimed at scaling software for EV production and storage.

Negative

• None.

NEWARK, Calif., Jan. 11, 2022 /PRNewswire/ -- Qnovo, a pioneer in battery management software, announced the closing of $24M in Series-C financing. BorgWarner led the round with significant participation by OGCI Climate Investments and Constellation Technology Ventures. Existing investors U.S. Venture Partners and RockPort Capital also participated. 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 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," said Harry L. Husted, Chief Technology Officer of BorgWarner.

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. The company's predictive software intelligence greatly improves battery safety by avoiding battery recalls due to latent manufacturing defects.

"We are delighted to welcome Qnovo as our 24th portfolio investment", said Pratima Rangarajan, CEO at OGCI Climate Investments. "Our focus on facilitating significant near and long-term emissions reduction is well-matched with Qnovo's early results and future potential."

"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," said Nadim Maluf, CEO of Qnovo.

About Qnovo
Qnovo is reinventing one of the most basic foundations of energy storage and mobility – the battery and how it is managed. Qnovo develops intelligent battery management software and predictive analytics that improve battery performance with enhanced health and safety. By augmenting battery chemistry with computation and learning software, Qnovo enables batteries to safely charge faster with extended battery longevity. Over 150 million smartphones globally use Qnovo's software products. The company is headquartered in Newark, California, with global support offices in Asia and Europe. Follow us at https://qnovo.com/qnovation-blog/

About BorgWarner
BorgWarner Inc. (NYSE: BWA) is a global product leader in delivering innovative and sustainable mobility solutions for the vehicle market. Building on its original equipment expertise, BorgWarner also brings market-leading product and service solutions to the global aftermarket. Visit borgwarner.com.

About OGCI Climate Investments
OGCI Climate Investments manages a US$1B+ fund that seeks to accelerate global implementation of low carbon solutions which will deliver meaningful and measurable carbon reduction by collaborating with its portfolio companies, OGCI members, governments, business partners, end customers and co-investors. Visit https://www.ogci.com/climate-investments/

About Constellation
Constellation, an Exelon (NYSE: EXC) company, is the largest provider of carbon-free energy and a leading competitive provider of energy products and services across the continental United States. Learn more at www.constellation.com.

Contact Information:

Media Contact: pr@qnovo.com

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SOURCE Qnovo

FAQ

What was the amount raised in Qnovo's Series-C financing?

Qnovo raised $24M in Series-C financing.

Who led the Series-C funding for Qnovo?

BorgWarner led the Series-C funding round.

What will Qnovo use the Series-C funding for?

The funding will be used to scale software products for electric vehicle production and support grid storage systems.

Which companies participated in Qnovo's Series-C financing?

Participants included OGCI Climate Investments and Constellation Technology Ventures.

How does Qnovo's software contribute to electric vehicles?

Qnovo's software enhances battery health, performance, and safety, enabling faster charging and extended longevity.