Qnovo Closes $24 Million Financing

<p><strong><span class&equals;"xn-location">NEWARK<&sol;span><&sol;strong> &&num;8212&semi; Qnovo&comma; a developer of battery management software&comma; has closed <span class&equals;"xn-money">&dollar;24 million<&sol;span> in Series-C financing&period; BorgWarner led the round with significant participation by OGCI Climate Investments and Constellation Technology Ventures&period; Existing investors U&period;S&period; Venture Partners and RockPort Capital also participated&period;<&sol;p>&NewLine;<p>The company&comma; which is in advanced vehicle qualifications with several global passenger and commercial electric vehicle &lpar;EV&rpar; manufacturers&comma; will use the new capital to scale their software products into EV production&comma; and support growing demand from grid stationary storage systems&period;<&sol;p>&NewLine;<p>Qnovo develops intelligent battery management software and predictive analytics that improve battery performance with enhanced health and safety&period; By augmenting battery chemistry with computation and learning software&comma; Qnovo enables batteries to safely charge faster with extended battery longevity&period; Over 150 million smartphones globally use Qnovo&&num;8217&semi;s software products&period;<&sol;p>&NewLine;<p>&&num;8220&semi;Qnovo takes a unique approach to enhancing battery management&period; Their advanced battery management software provides safety&comma; performance&comma; and predictive software intelligence missing in traditional battery management systems&comma; but critical to deliver robust battery experience&comma;&&num;8221&semi; said <span class&equals;"xn-person">Harry L&period; Husted<&sol;span>&comma; Chief Technology Officer of BorgWarner&period;<&sol;p>&NewLine;<p>Qnovo&&num;8217&semi;s in-vehicle software products provide enhanced battery health and performance&comma; which includes very fast charging&comma; extended battery longevity and driving range to meet the demands of next-generation automobiles and commercial vehicles&period; The company&&num;8217&semi;s predictive software intelligence greatly improves battery safety by avoiding battery recalls due to latent manufacturing defects&period;<&sol;p>&NewLine;<p>&&num;8220&semi;We are delighted to welcome Qnovo as our 24th portfolio investment&&num;8221&semi;&comma; said <span class&equals;"xn-person">Pratima Rangarajan<&sol;span>&comma; CEO at OGCI Climate Investments&period; &&num;8220&semi;Our focus on facilitating significant near and long-term emissions reduction is well-matched with Qnovo&&num;8217&semi;s early results and future potential&period;&&num;8221&semi;<&sol;p>&NewLine;<p>&&num;8220&semi;This new capital along with our strategic partnerships will accelerate the deployment of our software solutions in the EV market and further expand into green energy storage and sustainability markets&comma;&&num;8221&semi; said <span class&equals;"xn-person">Nadim Maluf<&sol;span>&comma; CEO of Qnovo&period;<&sol;p>&NewLine;