Recurrent, an automotive analyst of electric vehicle (EV) battery health, reported April 14 it has received an additional $4.5 million in funding from several automotive and technology venture firms to meet rising demand across the automotive industry. The funding positions Recurrent for a rapid growth phase, starting with noteworthy partnerships.
This new funding will be used to scale Recurrent’s product and further enhance features for corporate clients and EV owners. New investors include Automotive Ventures, Goodyear Ventures, Hearst Ventures, Avesta Ventures, MAP Investco, Circumference Group, Enertech Capital and E8 Angels. These firms join Recurrent’s existing investor group, which includes Wireframe Ventures, PSL Ventures, Ascend VC, Vulcan Capital, Prelude Ventures, Powerhouse Ventures and AAA of Washington, among others.
“For almost two years, we have been working tirelessly to develop a product that is capable of revolutionizing the secondary EV market,” said Scott Case, CEO and co-founder of Recurrent, in a news release. “We are able to welcome these new investors as they help us scale it for all types of EV buyers. Whether you are a wholesaler, dealership or individual car buyer, we are ready to add transparency and confidence to your purchase.”
Recurrent Brings EV Battery Reports to Dealer Lots and Wholesale Auctions
Del Grande Dealer Group, the newest Recurrent dealership customer, will feature Recurrent ratings for its used EV listings across its 19 rooftops in the San Francisco Bay Area. Del Grande is a top seller of used electric vehicles and is seen as a crucial partner in setting this new standard with Recurrent.
In addition, one of the largest used auto wholesale auction providers will be adding Recurrent ratings to its digital auctions to offer buyers new levels of transparency when purchasing used electric cars. This allows its customers to quickly determine how well an individual EV has retained its driving range and how that range can be expected to vary in different temperatures.
"The shift to electric vehicles continues to be a great opportunity to help our guests reduce commuting costs and their carbon footprints," said Jeremy Beaver, CEO of Del Grande Dealer Group. "A key to helping our guests make informed buying decisions includes education around charging and range. Recurrent reports are an amazing resource for our team of product specialists that helps with the EV shopping journey and experience."
Recurrent’s reports display an excellent, good, or fair rating to compare each vehicle’s range to its original range.
- An excellent rating means that the vehicle’s range today is over 90% of its original range at full charge.
- A good rating means the range is between 80-90% of its original range.
- A fair rating means the vehicle’s range is less than 80% of original.
Originally posted on Charged Fleet