Fova Energy Completes Seed+ Financing Round, Raising Millions of US Dollars
Fova Energy, a battery data analysis and decision-making platform, has raised millions of US dollars during a seed+ round of financing from Shunwei Capital, according to Chinese media outlet 36Kr. The funds will be mainly allocated for team extension, product development and market expansion.
In December 2020, Fova energy received a million US dollars in a seed funding round from Zhen Fund. So far, the company has completed two rounds of financing in as many months.
Founded in 2020, Fova Energy focuses on medium and long term battery health prediction. The core product of the company is an AI based management platform responsible for analyzing battery life cycle data to help deal with health risks, improve safety, and enhance the working life of batteries.
The increasing development of electric vehicles and energy storage technologies has created huge market demand for batteries. However, the battery industry faces several challenges including the difficulty of predicting safety risks and the research and testing cycle, which is long and costly.
Miao Shi, the CEO of Fova Energy, told 36Kr that customers’ demands for battery service cover many aspects, ranging from battery research and production to after-sales and recycling.
In the research and production stage, battery factories strive to shorten the loop test time of battery cells and predict its working life, so as to speed up the launching process and reduce costs. In response to this demand, Fova Energy can effectively predict a battery’s working life through a small amount of test data, providing a more accurate battery classification strategy for screening out low-quality batteries prior to sale. In the after-sales stage, safety guarantee services are significant for battery factories and customers alike. Accordingly, Fova Energy will predict the medium and long-term health status of cells according to the data of the battery in use.
Another technological breakthrough achieved by Fova Energy is the ability to predict batteries’ working life and health risks in industrial scenes marked by a range of uncontrollable factors. Limited by the requirements of practical application, the information obtained in industrial scenes is insufficient. In response, Fova Energy’s AI-based management platform extracts the hidden information to detect abnormalities.
The effect of AI in industrial scenes is highly dependent on the amount of data accumulated by the platform. At present, part of the data stored by Fova Energy is the original accident data of the manufacturer, and the other part is collected in cooperation between companies and customers.
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Fova Energy organized a team with rich experiences in the fields of energy, artificial intelligence and battery. The core members of Fova all hail from MIT, including professors in the firm’s consulting team, senior executives in the energy field and other experts.
Miao Shi divulged that Fova’s commercial products are being tested internally, and are expected to be officially released in mid-2021. Furthermore, the company intends to carry out large-scale marketing in the second half of the year.
