Recurrent, a startup located in Seattle, announced today that it has secured $3.5 million in funding as it aims to establish itself as the leading provider of battery health reports for electric vehicles, similar to how Carfax operates for traditional vehicles.

The company explained that the battery pack is a critical component of any electric vehicle, and as the market for pre-owned EVs grows, impartial assessment of battery performance and remaining range will be a valuable resource for prospective buyers.

The investment round included participation from Wireframe Ventures, PSL Ventures, Vulcan Capital, Prelude Ventures, Powerhouse Ventures, Ascend.VC, and the Washington chapter of the American Automobile Association (AAA).

Paul Straub, managing director at Wireframe Ventures, stated, “The used car market consistently surpasses new car sales annually. Considering that the Tesla Model 3 is approaching its third anniversary, coupled with the increasing number of new electric models being released by various automakers, sales of used EVs are poised for significant growth.” He continued, “This is an ideal moment for a pioneering company with a robust data and technological edge to instill trust and clarity in these sales.”

Recurrent plans to utilize these funds to further enhance its product offerings, specifically by improving its independent condition reports for those purchasing used electric vehicles and its battery analytics for current EV owners.

The company gathers its data through a network of 2,500 electric vehicle owners who voluntarily participate in the Recurrent service, receiving monthly reports on their vehicle’s battery health.

Emily Kirsch, founder and managing partner of Powerhouse Ventures, commented, “Beyond the clear market opportunity, we are enthusiastic about the potential influence of the Biden administration’s initiatives to promote EV adoption.” She added, “We have observed the substantial positive effects of supportive policies in the European Union and anticipate similar growth potential within the United States.”