Titan Advanced Energy Solutions, a Salem, Mass.-based provider of ultrasound-based battery management solutions, raised $33m in Series B financing.
The round was led by HG Ventures, the corporate investment arm of The Heritage Group. Additional investors from the U.S., Europe, Asia and the Middle East included H+ Partners, GS Futures, the investment arm of the GS Group, GS Energy, Doral Energy-Tech Ventures, the investment arm of Doral Group and Fortistar, along with existing investors Energy Innovation Capital and SE Ventures, the investment arm of Schneider Electric.
The company intends to use the funds to accelerate industrial-scale deployments of its battery diagnostics and battery sensing/management technologies.
Founded in 2016 by technology entrepreneurs Shawn Murphy and Sean O’Day, Titan Advanced Energy Solutions has engineered technology by applying the proven science of ultrasound to lithium-ion batteries to provide intelligence on any battery’s state of health, state of charge and safety profile — at any stage of its life and in real time.
Titan’s primary focus is on the automotive and stationary storage markets. Its solutions are being co-developed along with global auto manufacturers, multinational energy storage integrators and consumer electronics manufacturers in the United States and Europe.