News
17 January 2024 – Eatron Technologies, a pioneering developer of AI-powered battery management software for the automotive industry, has completed its A2 Series Funding, with lead investment from LG Technology Ventures and further investment from MMC Ventures, which led Eatron’s Series A.
The funding, which joins additional investment from 100th Year Venture Capital and the Türkiye Development Fund (TDF), comes at a time when the industry is undergoing a rapid transition to increasingly software-defined vehicles and batteries.
This investment will enable Eatron to accelerate the development and deployment of new embedded and cloud-based features for its unique software platform. Eatron’s portfolio encompasses AI-powered battery management systems spanning from the edge to the cloud, which enable global electric vehicle and battery manufacturers to deliver ever-greater innovation in the continuous optimisation of performance, efficiency and safety.
It will also fuel an ambitious programme of global growth for the business’s teams in both the UK and Turkey as Eatron extends its partnerships with other global companies that share its passion for technology and innovation in the automotive software space.
The company’s technology enables smarter battery management by implementing an intelligent software layer on top of existing battery controls platforms. Rapid deployment with significantly reduced cost, risk and time-to-market is possible through the easy to integrate edge-to-cloud offer making use of abstraction and a clearly articulated software architecture that considers intricacies of connected vehicle systems.
“Securing funding in a difficult global financial market can be a challenge, so naturally we’re delighted that our expertise and achievements have been recognised as we continue to lead the way in software-defined batteries,” said Dr Umut Genc, founder and CEO of Eatron.
“Intelligent automotive software platforms, embedded at the edge and connected to the cloud, are crucial to the industry’s transformation into a software-driven future, and our unique synthesis of functional safety, machine learning, advanced controls, connectivity and cloud analytics are already helping manufacturers and suppliers to develop connected vehicles faster, better, and ahead of their competition.”
About Eatron Technologies
Eatron is a fast-growing technology company dedicated to unlocking the full potential of batteries with intelligent software for all vehicle and battery manufacturers worldwide. Eatron develops AI-powered edge-to-cloud connected software platforms for better, safer, durable and greener batteries in automotive, mobility and beyond.
More information is available at www.eatron.com.
About LG Technology Ventures LLC
LG Technology Ventures was established in 2018 and its team consists of experienced investors, entrepreneurs, technologists, and industry domain experts. Currently, LG Technology Ventures is managing over $780 million of fund assets and invests in early-stage start-ups in artificial intelligence, mobility, advanced materials, life-sciences, next generation display. We strive to create value for our portfolio companies by helping them develop strategic partnerships with LG Companies. LG Technology Ventures is the venture capital investment arm of the LG Group.
More information is available at www.lgtechventures.com.
About MMC Ventures
MMC is a leading European venture capital firm with a focus on early stage transformative technology companies that utilise AI and data science across sectors including enterprise AI, fintech, cloud & data infrastructure and data-driven health. Examples of companies MMC has backed include: Synthesia, Signal AI, Copper, Interactive Investor, Snowplow, Current Health, YuLife and Ably.
Explore MMC’s research and other actionable insights at mmc.vc.
About 100th Year Venture Capital
100th Year Venture Capital is the early-stage investment arm of Isbank, Turkey’s first and largest private bank with an asset size of US$ 90 billion. Founded in 1924 with the mission of supporting new businesses and boosting the economy, Isbank continues to support the next generation entrepreneurs of the next century in its 100th year. 100th Year Venture Capital supports technology-driven global startups by adopting a sector-agnostic investment philosophy.
To learn more, visit https://100yvc.com/
About Türkiye Development Fund (TDF)
The Türkiye Development Fund (TDF), established in 2019 by the Development and Investment Bank of Türkiye, is dedicated to investing in companies and funds that contribute to the sustainable development of Türkiye. With a total committed capital of approximately TRY 2.2 billion, TDF operates through seven sub-funds. These sub-funds play a crucial role in supporting the growth of strategically important economic sectors and nurturing Türkiye’s emerging venture capital ecosystem.
More information is available at https://www.turkiyekalkinmafonu.com.tr/en
- Originally published at https://eatron.com/ | January 17 2024