ION Energy raises $3.6 million in latest funding round

ION Energy, a Mumbai-based battery management solution provider, today announced it had raised $3.6 million in Pre-Series A funding.

 The investment was raised from Amazon’s Climate Pledge Fund and joined by Silicon Valley-based Climate Capital, early-stage investor YourNest Venture Capital, Riso Capital, Venture Catalysts, and other angel investors. 

The company is the first India-based startup supported by Amazon’s Climate Pledge Fund.

ION will use the funds to grow its team to 125+ (currently 70), invest in product development, and expand the software business in North America and Europe. 

As part of the round, Anup Menon, Head of Strategy & Emerging Technology at Bank of America, will join ION’s Board of Directors. 

“Globally, we believe 2021 will be the inflection point for the new energy transition as both companies and governments come together towards reducing carbon emissions. At ION, we’re confident that advanced electronics and software that help enterprises accelerate this transition will become mission-critical to meet our goals of a zero-carbon future,” said Akhil Aryan, Co-founder and CEO of ION Energy.

Founded in 2016, the five-year-old startup is headquartered in India, with operations in France and the USA. ION’s flagship offering is a smart battery management platform (BMS) that leverages proprietary algorithms to improve battery life and performance. The BMS are typically sold as a product or a technology license to original equipment manufacturers (OEMs) developing lithium-ion batteries and electric vehicles. 

Today, the company works with more than 75 customers in the mobility and energy industry across 15 countries, including India, France, Spain, and the USA. Most recently, ION announced its partnership with Spanish Electric Scooter startup Ray Electric Motors. To date, ION’s customers have deployed 60,000 smart BMS in electric vehicles and stationary storage systems. 

Amazon launched US$2-billion Climate Pledge Fund in 2020 to support companies developing sustainable technologies for a zero-carbon future.

“As we continue to identify visionary companies whose products and solutions will facilitate the transition to a low-carbon economy, we’re proud to invest in ION Energy, our first investment in India through the $2 billion Climate Pledge Fund,” said Kara Hurst, vice president and head of Worldwide Sustainability at Amazon. “We are inspired by ION’s mission to build technologies that improve the life and performance of lithium-ion batteries that power electric vehicles and energy storage systems, ultimately scaling solutions that help us all achieve our ambitious climate goals.” 

The latest round of investment will enable ION to serve the customers in its $15M+ order pipeline and invest in growing the SaaS business exponentially.