Participated · Equity · Apr 2024

Platform Science offers the Virtual Vehicle, an application platform that runs natively on commercial vehicles to unlock onboard signals without aftermarket hardware. The platform is deployed by large fleets and integrates telematics providers, third-party developers, OEMs, shippers, and fleets. Platform Science says Virtual Vehicle was developed in collaboration with Daimler Truck North America, Navistar, PACCAR, and other OEMs to provide a flexible, open software platform. The company reports the platform has generated over a trillion data points across 6 billion miles logged and results in 15 billion API calls annually. Platform Science plans to use the new capital to accelerate innovation and expand its application ecosystem for drivers and fleets. The company is based in San Diego. Platform Science builds a unified, user-friendly technology platform for enterprise fleets to develop, deploy and manage mobile devices and applications on commercial vehicles. Its Virtual Vehicle technology creates a standardized telematics operating system and application store for trucks. The company’s platform gives fleets access to software solutions, real-time vehicle data and third-party applications directly from vehicles. Platform Science says the integrated environment simplifies vehicle IT by reducing the number of telecommunications devices required on vehicles. Factory installation of the integrated solution is intended to eliminate aftermarket installs and increase customers’ productivity and uptime. Platform Science is collaborating with PACCAR to integrate Virtual Vehicle with PACCAR Connect and bring these capabilities to commercial trucks. Platform Science, led by co-founder and CEO Jack Kennedy, provides a transportation technology platform for enterprises and fleets to develop, deploy, and manage mobile devices and applications on commercial vehicles. The company recently launched Virtual Vehicle in collaboration with Daimler Truck North America, an open OEM platform that gives fleets access to telematics, software solutions, real-time vehicle data, and third-party applications directly from vehicles. Platform Science works with carriers including Schneider National, Werner Enterprises, and U.S. Xpress, and partners with technology providers such as Drivewyze, Samsung, and Great Dane. The firm intends to use the new funding to expand the reach of its transportation solutions and simplify how fleets develop, deploy, and manage mobile devices and applications. Financially, Platform Science completed a $115M Series C round to support that expansion. The company is based in San Diego, CA.

Led · Series C · Aug 2022

VoltStorage develops and manufactures solar power storage systems based on environmentally and resource-saving vanadium redox flow (VRF) technology. The company was founded in 2016 by Jakob Bitner, Michael Peither and Felix Kiefl and is based in Munich. VoltStorage says the new financing will let it focus on product development and commercialization while expanding production capacity to meet growing demand. Financially, the European Investment Bank has provided a €30 million venture-debt facility to the company. US firm Cummins recently invested €24 million in VoltStorage. The company’s near-term plans center on scaling production and bringing its VRF-based storage solutions to more customers. VoltStorage develops flow batteries and is shifting from vanadium-redox chemistry toward iron-salt (iron) redox chemistry to lower material costs and reliance on constrained supply chains. Its launch product was a vanadium-redox flow battery tailored for industrial users needing five-to-10-hour storage, which the company still sells. The iron-redox systems target discharge durations around 12–48 hours, with modules that each hold 50 kWh and discharge at 1–5 kW (netting roughly 10–50 hours); five modules fit in a 20-foot shipping container that can be stacked up to three high. The iron batteries are about 75% efficient before AC conversion, require a cleaning cycle every 50–60 cycles (about six months) that takes 30–45 minutes, and include systems to capture and reintroduce hydrogen from side reactions. VoltStorage is using recent funding to finish development of a next-generation vanadium-redox product and to commercialize its iron-salt battery, aiming for near-gigawatt-hour scale production in the next five years. The company targets combined battery-plus-wind/solar costs below $70 per MWh and says the solution could be cheaper than new coal, gas, peaking, or nuclear options if scaled. VoltStorage develops energy storage systems based on Vanadium Redox Battery (VRB) technology for homes, commercial and larger residential buildings. The company highlights VRB's safety, longevity, recyclability and affordability and says its products outperform Li‑ion systems like Tesla's Powerwall on safety and environmental considerations. Its innovations include an automated manufacturing and production process to replace often-manual assembly of vanadium batteries. Batteries are produced in Germany and are currently available to homes across the DACH region. Future applications the company cites include commercial, agricultural and large-scale residential buildings. The Munich-founded startup (2016) recently raised €6 million to further develop its green energy storage solution.