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Accure Battery Intelligence, a battery software maker, has raised a $16 million Series B round to expand sales internationally, the company tells Axios. 

Why it matters: The booming market for energy storage means batteries need software that make them safer and more efficient.

Zoom in: Accure said the financing was led by Incharge Capital Partners, a joint venture between Porsche SE and DTCP.

Existing investors participated including Blue Bear Capital, HSBC Asset Management, Riverstone Holdings, Capnamic, and 42CAP.

Accure, headquartered in Aachen, Germany, also announced on Wednesday that UBS's asset management group is using its software to optimize four of its energy storage projects in Texas. 

Accure plans to use the financing to expand its team in the U.S., launch a subsidiary in Australia, and explore growth in South America, the Middle East and North Africa, said CEO and co-founder Kai-Philipp Kairies. Last year North America made up almost half of Accure's revenues.

The intrigue: Series B rounds have been particularly hard to close lately, thanks to a cooled climate funding environment. But startups with a pipeline of customers are faring better.

How it works: Accure's analytics can monitor both grid storage and vehicle batteries and make predictions and recommendations for operating the batteries more safely and more efficiently. 

Kairies says the analytics are capable of identifying critical battery issues before they turn into a fire like the one that recently happened in Moss Landing, Calif. 

The company's software, which uses both physics-based models and AI, has gotten broad reach for a young German startup. 

The software supports 20% of the battery capacity in ERCOT, the grid operator in Texas, and is managing about 50 battery projects globally.

The big picture: Batteries for grid storage and EVs is a huge and growing market. 

"Most people are not aware of the exponential curve that we're looking at," Kairies says. 

As the market matures, the developers, grid operators, and financiers are looking for batteries to operate as expected, and software can help with that.

Despite the growing maturity of the grid storage market, "thermal runaway," aka a fire, is still a challenge for the sector. 

The bottom line: Batteries need better software.

Exclusive: Battery startup Accure raises $16M led by Porsche-backed fund

Battery energy storage containers at UBS' Wigeon Whistle energy storage facility.

Battery storage containers at UBS' Wigeon Whistle energy storage facility in Nevada, Texas. Photo: Courtesy of e-STORAGE

Accure Battery Intelligence, a battery software maker, has raised a $16 million Series B round to expand sales internationally, the company tells Axios. Why it matters: The booming market for energy storage means batteries need software that make them safer and more efficient.

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Exclusive: Battery startup Accure raises $16M led by Porsche-backed fund

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