Austrian battery testing company Aviloo has raised €30 million ($32 million) in growth capital from private equity investor Armira Growth, as the firm seeks to strengthen its position in electric vehicle battery diagnostics and expand globally.
The investment also reshapes Aviloo’s shareholder structure. Armira Growth, together with private equity firm Invest AG, acquired the stake held by the European Innovation Council Fund (EIC), one of the company’s early backers. Following the transaction, Armira Growth, Invest AG and Raiffeisen KMU Invest have become Aviloo’s largest shareholders.
See also: Aviloo and Lectrium Partner to Bring Independent Battery Diagnostics to U.S. Dealership Listings
Chief Executive Marcus Berger described the funding as a turning point for the Vienna-based company. “This investment marks an important milestone for AVILOO’s continued development. With our independent battery diagnostics, we have set a new standard that is unmatched in the market,” Berger said. He added that “with the support of Armira Growth, Invest AG and Raiffeisen KMU Invest we are well-positioned to accelerate our international expansion.”
Founded in 2018, Aviloo provides independent testing to assess the state of health of batteries in used battery-electric and plug-in hybrid vehicles, a key factor influencing resale value. The company says more than 750 customers across over 30 countries use its services, including dealer networks, fleet operators, inspection organizations and remarketing platforms. Automotive manufacturers such as Hyundai and Mercedes-Benz have incorporated its diagnostics into dealer operations.
See also: Aviloo Disputes Interpretation of Stanford Study on EV Battery Longevity
Aviloo plans to use the new capital to advance product development, pursue strategic partnerships and launch new market initiatives later this year, with a particular focus on North America and Asia.
The company’s diagnostic system combines proprietary hardware, software and data analytics to evaluate battery condition. It says its technology covers about 96% of electric vehicles currently on the road and draws on a dataset built from more than 550,000 tests, enabling comparisons across models, usage patterns and battery lifecycles.