London-based battery software company, About:Energy, has secured £1.5 million in seed investment from various investors, the company said in a statement.
The latest funding will be used for the rapid commercialisation and development of its software platform, the Voltt, which significantly reduces the cost to design new battery products through virtual prototyping, the statement added.
HighSage Ventures, Vireo Ventures, OakNorth Bank CEO Rishi Khosla, Dr Nikhil Shah of S-Cube, Plug and Play Ventures, and Electric Revolution Ventures have participated in the funding round.
Other investors include Theodo CTO Fabrice Bernhard, Leo Michel-Grosjean, Coltrane Asset Management Partners’ Laura Webster, Mandeep Manku, Nick Banner, among many others.
Founded in 2021 by Gavin White and Kieran O’Regan, About:Energy focuses on building a portfolio of battery measurement and modelling capabilities to deliver a comprehensive software solution for battery design.
The company said that the funds will be used to scale its battery lab in London and expand the team.
“Our focus for the next 12 months is to establish About:Energy as a leading battery data and software company, leveraging the power of the Voltt to drive innovation across industry. This investment will enable us to integrate the latest research from our partnering institutions, creating a comprehensive solution for battery design and optimisation,” said Gavin White, co-Founder and CEO of About:Energy.
According to the company, the Voltt workflow facilitates decision-making around battery selection, design and supply, saving time and resources for any business bringing battery technology to market.
The battery industry is expected to grow to £755 by 2030, with global battery production estimated to reach 4.7 GWh and 27,000 companies building electrified applications.
The Voltt overcomes the hurdle these companies face in commercialising the battery products needed in this transition, where traditional testing methods present high costs, the statement further said.
Rishi Khosla, co-Founder of OakNorth, said, “Having invested in About:Energy during its initial stages, I am excited by its focus on developing technologies needed to address global challenges such as energy security.
“I am confident that with focus and discipline, startups like About:Energy can build resilient, profitable businesses even amidst economic uncertainties, driving us towards a more sustainable future. The best entrepreneurs thrive in times of turmoil”
The company hoped that the investment round will enable it to accelerate the adoption of the Voltt platform within the industry, while also leveraging existing research from top institutions such as Imperial College London, the University of Birmingham, and The Faraday Institution.
“Our partnership with About:Energy highlights the importance of innovation in the UK and our commitment to partnering with emerging leaders to shape the future of mobility. We look forward to supporting About:Energy to scale throughout the global Plug and Play ecosystem,” said Kieran Borrett, UK director, Plug and Play.
Currently, About:Energy has exclusive intellectual property licenses from three universities and wants expand it to five by the end of this year.
The founders spun out the company from Imperial College London and the University of Birmingham.
“We are excited that the Voltt will play a pivotal role in driving sustainability and decarbonisation throughout the entire battery supply chain, from mining and manufacturing to electric vehicles,” said Felix Krause, partner at Vireo Ventures.