The Seed Round was Led by AFI Ventures and Rethink Ventures
PARIS, June 4, 2024 /PRNewswire-PRWeb/ -- Entroview, a pioneering deep-tech startup specializing in battery software diagnostics, announces today that they raised $1.6M to revolutionize battery diagnostics for gigafactories and automotive companies. The seed round was led by AFI Ventures - the early-stage impact arm of Ventech, and Rethink Ventures, and marks a significant milestone in the company's mission to transform the Electric Vehicle landscape with advanced diagnostic software solutions. The funding will be used to expand its team, further develop its software, and scale its operations to meet the growing demand for advanced battery diagnostics solutions. Entroview was also named a finalist in the Grand Prix ACF AutoTech contest, which is judged by some of the most prestigious executives in the automotive industry in France.
The global battery market is set to reach $400 billion by 2030, driven by the construction of numerous gigafactories. Batteries are key to the EV industry and comprise 30%-50% of the vehicle's cost; however, batteries are still experiencing significant inefficiencies. This results in substantial material losses and unpredictable lifespans, posing challenges to the second-hand EV market and battery second-life applications.
Entroview provides deep insight on the internal state of batteries in real-time and provides a unique edge that goes beyond data analysis alone. With this insight, OEMs and cell producers can make informed decisions and drive innovation in battery management. Entroview provides physics-based software solutions that diagnoses batteries through the entire value chain with applications already tested by top gigafactories and automotive companies across Europe.
"We are impressed by Entroview's unique approach of using patented entropy method analysis for batteries," stated Jens-Philipp Klein, Co-Founder & General Partner at Rethink Ventures. "Applied in battery production, Entroview has the potential to significantly reduce production scrap and speed up end-of-line inspection, raising significant economic and sustainability benefits for gigafactories."
The solution provides users with insightful diagnostics, including:
- Defect detection at the end of the production line for gigafactories using a fast self discharge calculation. (The time reduced from using Entroview's solution goes from 8 days to 10 hours.)
- Accurate state of charge calculation in real-time for all kinds of chemistries including LFP and LMFP cells. (The number of errors is reduced by up to 50%.)
- State of health estimation - including the degradations modes that occurred in the battery without any historical data. (This unlocks the second life applications and second hand market.)
Charles Fourault, Partner at AFI Ventures, added: "We are very pleased to support the entire Entroview team in this seed funding round. In a very short time, Entroview has successfully secured numerous POC (proof of concept) validations, demonstrating the efficiency and value of their unique entropy method analysis. The team is made up of passionate entrepreneurs addressing real problems with new technologies and models to contribute to a more positive world of tomorrow and this is what we love at AFI Ventures!"
"This round will enable us to expand our team and solution to address the very urgent need of battery diagnostics," said Gaëtan DEPAËPE, Chief Executive Officer at Entroview. "Batteries are the backbone of the electric vehicle and gigafactory industries and with our solution the lifespan of batteries will increase by 30%, creating unprecedented value to the market."
Together with lead investors AFI Ventures and Rethink Ventures, this round is followed by Exergon, Holnest, Kima, Wind Capital, Linksium and the existing business angels Thibaud Elzière, Florian Douetteau, Nicolas Steegmann and Etienne Hermitte.
About Entroview
Entroview is a deep-tech start-up based on research from Grenoble INP and NTU Singapore on thermodynamics of batteries which has partnered with top batteries labs such as the LEPMI and CEA Liten. The initial growth has been supported by Linksium, BPI, Telecom Paris Incubateur, Wilco, MobilityXlab, the Moove lab, the membership of Tennerdis and Cara clusters.
The software development is done in partnership with top Gigafactories and automotive players in Europe.
Media Contact
DeeDee Rudenstein, Entroview, 1 2675219654, [email protected], http://www.entroview.com
SOURCE Entroview
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