ION Energy Gets $3.6 Million Funding In Series A Funding
- ByStartupStory | July 1, 2021
Ion Energy builds advanced software and electronics platforms for new energy enterprises.. Its flagship offering is a smart battery management platform (BMS) that leverages proprietary algorithms to improve battery life and performance. The BMSs are typically sold as a product or a technology license to original equipment manufacturers (OEMs) that are developing lithium-ion batteries and/or electric vehicles (EVs). ION’s customers have deployed 60,000 smart BMS in electric vehicles and stationary storage systems so far. IOn Energy gets $3.6 million funding in a Series A funding led by Amazon Climate Pledge Fund, along with participation of Silicon Valley-based Climate Capital, early-stage investor YourNest Venture Capital, Riso Capital, Venture Catalysts and other angel investors. In 2018, the startup raised $1.2 million. Now this fresh funding will be used to grow the ION Energy team to over 125 from 70 at present, for product development and expanding its software business in North America and Europe.
On the other hand, Amazon launched the $2-billion Climate Pledge Fund in 2020 to support firms developing sustainable technologies. ION is the first Indian company that Amazon has supported through this fund. “This is Amazon’s first investment outside of the US. It’s their first in India,” Akhil Aryan, co-founder and chief executive at ION Energy, said to the media. There are immense opportunities at the intersection of electronics and software, according to Aryan. “We will be launching products that are at this intersection—whether it is motor controllers, electric vehicle chargers or telematic systems,” he said. Aryan said that the Covid-19 pandemic has brought climate change to the forefront because of which there is a lot of demand for ION’s offerings. “There is a large public wave that is coming together to support technologies that are helping fight climate change, whether it is regulatory innovation that is happening from the government or corporations making large allocations towards actually moving the needle,” he said.
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