Dukosi, an Edinburgh-based specialist in battery management systems for electric vehicles and energy storage, has secured £2 million in funding to develop its technology.
The firm said the cash injection will also help to expand its 11-strong team with the creation of at least four roles in the short term, covering electronics design, software, cell modelling and electrochemistry, as it works to reduce the cost and weight of battery packs.
Its technology uses wireless systems to transmit real-time data on battery performance, monitoring charge levels and providing a history of the performance for each cell.
The funding round was led by IP Group, the listed intellectual property commercialisation firm, alongside other existing investors including the Scottish Investment Bank, the investment arm of Scottish Enterprise, and members of Par Equity.
Dukosi chairman Clive Scrivener said that global demand for batteries was growing rapidly and analysts predict that the market for electric vehicles alone could be worth $10 billion (£8.1bn) by 2020.
He added: “We’ve had incredible feedback from our demonstrations to the industry. Our technology resonates with stakeholders throughout the battery supply chain and with the users of battery packs, who all recognise that innovation has a key role to play in meeting the growing demands of managing complex battery systems.
“With this funding, we’re taking the next step to make our vision a reality and bring a new level of intelligence to batteries.”
Jamie Vollbracht, director for clean technologies at IP Group, said the market for intelligent battery systems was a “compelling area for investment and we are delighted with the tremendous progress the Dukosi team has made since our first investment in 2014”.
Kerry Sharp, head of the Scottish Investment Bank, added: “Dukosi is a great example of a globally ambitious and innovative company developing new technology to support the expanding clean energy sector with applications in electric vehicles and energy storage.
“Scottish Enterprise is pleased to be able to continue to support the company’s technology development and expansion, with investment through the Scottish Co-Investment Fund alongside our partners.”