Zitara Raises $12M Series A to Make Batteries Safer and More Profitable
SAN FRANCISCO–(BUSINESS WIRE)–Zitara, a physics and machine-learning powered battery management software company, has announced the close of a $12M Series A round led by Energy Impact Partners LP (EIP), and joined by existing investors NextView Ventures, Collaborative Fund, and Trucks VC.
Based in San Francisco, Zitara builds cloud and embedded software for optimizing the safety, reliability, and lifetime of battery-powered assets. Zitara integrates seamlessly across a broad range of battery applications including stationary storage, micromobility, electric vehicles, consumer electronics, and satellites – for both manufacturers and operators of assets.
“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 at Zitara.
In a decarbonized world, industries like energy generation and transportation will need to be battery-powered, storing energy to power 30% of global GDP. Zitara will use the capital from this round to accelerate adoption of their industry-leading software with a near-term focus on state monitoring and safety problems faced by mobility and grid-scale customers adopting lithium iron phosphate (LFP) batteries.
“EIP is an incredible partner to add to the Zitara team – they bring valuable perspective and experience building meaningful and massive partnerships with the most forward-looking utilities, industrials, and corporates leading the electrification revolution today,” said Evan Murphy, Zitara’s cofounder and CTO.
Zitara was founded in 2019 by Shyam Srinivasan and Evan Murphy to make battery systems safer, more insurable, and more investable to accelerate the energy transition. They bring together significant hardware and software engineering experience from companies like Tesla, Nest, and Apple, where they helped deliver complex, high-reliability software algorithms on hardware depended on by millions of customers. The company was a member of Y Combinator’s Summer 2020 cohort, and has since grown to 25 people.
“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.
Zitara Technologies, Inc. (Zitara) is a San Francisco based developer of cloud and embedded software to make batteries safer and more profitable for manufacturers and owners, accelerating the electrification of the economy. Zitara serves customers with large deployments of EVs, utility-scale storage assets, and LEO satellites, and face multi-billion dollar problems with battery reliability, safety, and lifetime optimization. For more information on Zitara, please visit www.zitara.io.
About Energy Impact Partners
Energy Impact Partners LP (EIP) is a global venture capital firm leading the transition to a sustainable future. EIP brings together entrepreneurs and the world’s most forward-looking energy and industrial companies to advance innovation. With over $2.5 billion in assets under management, EIP invests globally across venture, growth, credit, and infrastructure – and has a team of over 80 professionals based in its offices in New York, San Francisco, Palm Beach, London, Washington D.C., Cologne, and Oslo. For more information on EIP, please visit www.energyimpactpartners.com.
Silverline – on behalf of EIP