$17 Million in Series AA Funding Secured
SAN FRANCISCO, December 4th, 2024 -- Zitara, the leading provider of advanced battery controls software, today announced it has raised $17 million in Series AA funding. The round was led by Salesforce Ventures, with participation from Emerson Ventures, Chevron Technology Ventures, Energy Impact Partners, and Climate Capital. This investment will fuel Zitara's mission to revolutionize battery performance and reliability across energy storage applications in the critical path of decarbonization.
Advanced Edge-Learning Technology for Energy Storage
"This funding round marks a significant milestone for Zitara as we continue to push the boundaries of edge-learning battery management software," said Shyam Srinivasan, CEO of Zitara. "With the support of our investors, we're poised to accelerate our product development and expand our market reach, ultimately contributing to a more sustainable and electrified future."
Zitara's innovative edge-learning controls software leverages advanced algorithms and machine learning to optimize battery performance, extend battery life, and enhance safety across diverse applications - especially grid-scale energy storage. As the world increasingly shifts towards electrification and renewable energy, efficient and reliable battery management becomes crucial for various industries.
New Investments Driving Innovation
"Zitara’s cutting-edge battery management software aligns with our focus on supporting innovative technologies that drive sustainability and efficiency,” said Claudine Emeott, Partner at Salesforce Ventures. “We believe Zitara has the potential to make a significant impact in the rapidly growing energy storage market."
“Given Emerson’s automation and software expertise and leadership in the power industry and the recent growth in distributed energy resources, this investment will help address the evolving needs of the energy sector,” said Thurston Cromwell, head of Emerson Ventures and vice president of development and innovation at Emerson. “We see tremendous synergies between our Ovation™ automation platform and Zitara Live, and we are eager to explore additional opportunities with Zitara under our value-add, strategic approach.”
“Zitara’s unique machine learning and edge computing-based solutions have the potential to play a key role in the broader market electrification trend by further enhancing the stationary storage and electric vehicle capabilities," said Jim Gable, Vice President, Innovation and President of Technology Ventures at Chevron. “This is the latest investment from our $300 million Future Energy Fund II, which focuses on industrial decarbonization, emerging mobility, energy decentralization, and the growing circular economy. We welcome Zitara to the portfolio.”
Diverse Investor Base Reflects Zitara's Broad Potential
The diverse group of investors in this round reflects the broad applicability and potential of Zitara's technology across multiple sectors.
Plans for the Future: Leveraging Series AA Funding
Zitara plans to use the new funding to:
- Deepen relationships and business development efforts with independent power producer (IPP) and investor-owned utility (IOU) customers that own and operate large scale, front-of meter battery energy storage systems (BESS)
- Strengthen partnerships with battery manufacturers and system integrators
- Expand engineering capabilities to accelerate product development
- Enhance AI and machine learning capabilities for more advanced battery optimization
"We're thrilled to have the support of such a strong group of investors who share our vision for the future of energy storage," added Srinivasan. "This funding will enable us to bring our advanced battery management solutions to more customers, helping them maximize the performance and lifespan of their battery systems while reducing costs and environmental impact."
About Zitara
Zitara builds cutting-edge software solutions that empower companies to deeply understand their batteries, both in design and deployment.
Batteries have a big role to play in tackling the climate crisis, and it’s essential to make sure that they’re safe and reliable to operate. It’s all part of our work to enable a renewable energy revolution, powered by safer batteries, at a lower cost, with less waste.
About Chevron Technology Ventures
Chevron Technology Ventures identifies and invests in externally developed technologies and new business solutions with the potential to enhance the way Chevron produces and delivers affordable, reliable, and ever-cleaner energy. CTV has 25 years of experience being the primary on-ramp for external innovation into Chevron. For more information, visit www.chevron.com/technology/technology-ventures.
