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Battery analytics firm Peaxy raises US$12 million

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A US$12 million Series B2 has been raised by California-based battery analytics firm Peaxy, which specialises in “first mile data challenges”, a spokesperson told Energy-Storage.news.

Peaxy will use the funds to accelerate product development and expand the market reach of its cloud-based predictive battery analytics platform Peaxy Lifecycle Intelligence (PLI). The platform improves profitability by unifying battery lifecycle data, the company claimed.

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In response to a series of questions asked by Energy-Storage.news (in full below), a spokesperson said the firm focuses early stage startups in the energy storage and battery and component manufacturing sectors in North America. The latter sector is set to expand massively from virtually nothing in light of generous federal incentives as part of the Inflation Reduction Act.

Manuel Terranova, CEO and President of Peaxy, said: “Our customers are finding that managing their battery data is becoming more and more challenging and costly. This funding round expresses confidence in our vision for a unified, AI-driven solution for battery data management and digital twins. With the support of our investors, we’re poised to lead the industry with a mature and proven product offering and the deep domain experience Peaxy brings to its customers.”

With most battery energy storage system (BESS) failures happening within the first three years of a project’s lifetime, and the number increasing as the technology proliferates (figures from the Electric Power Research Institute, EPRI) the role of battery analytics in the market is becoming increasingly important.

Germany-based firms Twaice and Accure both wrote whitepapers on the role of analytics around BESS commissioning for the most recent volume (35) of PV Tech Power, Solar Media’s quarterly technical journal for the downstream solar industry. Both have also secured funding rounds in recent years, Twaice raising US$26 million in 2021 and Accure raising US$8 million last year.

In the following Q&A, we asked Peaxy about its unique value proposition, what parts of the market it is focusing on, and what major industry challenges it promises to solve.

Energy-Storage.news: What makes Peaxy stand out amongst other analytics providers?

Peaxy: Before even tackling data analytics, we specialise and have expertise in “first mile data challenges” where we deploy custom hardware for edge data capture, transformation and storage. Our customers have found that this capability combined with their other available data sources results in higher quality analytics and machine learning insights.

Which markets (geographically or grid-wise) and market segments (residential, C&I, utility, etc) is Peaxy targeting and why?

We focus on early stage startups in the energy storage and battery and component manufacturing sectors in North America. Our solution allows small to mid-sized companies to have pilots running in as little as 90 days, and to quickly ramp up to full production lines and grid-scale storage as they expand using our cloud-based, modular software approach.

What has gone into creating the Peaxy offering(s) and what’s the expertise the company can leverage?

Peaxy was founded in 2012 and brings extensive experience of how industrial equipment and batteries work together, including propulsion and power generation through our work with the U.S. Department of Defense. We have worked with complex, vertically integrated, enterprise, test, and edge systems and understand how to move data securely at very large scale between systems.

What are some of the main challenges facing battery storage system owners and operators that analytics solutions like Peaxy’s can solve?

We hear over and over about how hard it’s becoming for battery storage systems owners and operators as well as battery manufacturers to deal with large amounts of battery data.

While battery analytics is a powerful end solution, and often receives the most coverage and attention in the media, we also spend a lot of time working with customers on the foundations of their battery data — where it comes from, how it gets stored and tracked, and how it can be conveniently referenced from one place.

And most importantly, how to trace battery data down to the individual cell level, tagged by serial number, over its lifetime to enjoy the benefits that provides in cost savings and improved safety and performance.

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