HAMILTON, Ontario, Nov. 19, 2024 (GLOBE NEWSWIRE) -- EECOMOBILITY, a startup from McMaster University's Centre for Mechatronics and Hybrid Technology, has successfully secured seed funding from a global group of mission-aligned investors. EECOMOBILITY was founded by Dr. Saeid Habibi, a full Professor, Tier I Canada Research Chair, and former Senior NSERC Industrial Research Chair. He is the founding director of the Centre for Mechatronics and Hybrid Technologies and has previously served as the Chair of the Mechanical Engineering Department at McMaster University.
The seed funding was led by RiSC Capital with participation by Automotive Ventures, Emerson Ventures and a North American Original Equipment Manufacturer.
"RiSC Capital believes the shift to AI in electric vehicle battery testing provided by EECOMOBILITY's platform is an excellent example of Canadian innovation. We are proud to lead this investment and believe the future is bright for EECOMOBILITY,” says RiSC Capital co-founder Scott Pelton.
Specializing in Artificial Intelligence (AI), EECOMOBILITY has developed advanced testing and monitoring software tailored for the automotive, energy storage, industrial, and manufacturing sectors. Their flagship product line, EECOPower, offers rapid battery cell and module testing and characterization systems designed for lithium-ion battery pack production. These systems are transformative for the automotive industry, capable of detecting defective batteries that can cause fires and performance issues. EECOPower utilizes advanced characterization techniques combined with AI, applicable to battery cells, modules, and packs.
"EECOMOBILITY's AI-driven software for fault detection and battery testing aligns with Emerson's acquisition of NI and growing leadership in test and measurement technologies and expertise across the automotive sector,” says Thurston Cromwell, head of Emerson Ventures and vice president of development and innovation at Emerson. "Our experience in high-volume battery production testing will help accelerate EECOMOBILITY's product development and market reach, especially in the automotive, energy storage and industrial technology sectors.”
EECOMOBILITY systems are now installed in facilities operated by OEMs and battery manufacturers, as the company rolls out its technology across the electric vehicle battery manufacturing and assembly industry. "This investment is strategically important to EECOMOBILITY,” says Habibi. "It accelerates our growth, expands our sales network, and enables future development and sales of our EECOPower technology.”
"Automotive Ventures is excited to support EECOMOBILITY as they deliver game-changing battery testing solutions already showing strong results in the field,” says Justin Charbonneau, venture principal at Automotive Ventures. "Their technology enables faster, highly accurate fault detection, addressing a critical need now and becoming even more essential as the EV market expands. We're thrilled to partner in their journey as they scale their impact across the global mobility ecosystem.”
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