California-based producer of engineered materials, Sila Nanotechnologies, has announced that it has raised US$70 million in Series D funding, led by Sutter Hill Ventures.
Sila Nano has been focusing upon developing and commercialising the next generation of battery materials. First on the list is a family of silicon-dominant anode materials that the company said would be used to replace graphite electrodes entirely.
The materials have been developed for cost-effective production within current cell manufacturing processes, and enable high cycle life, ultra-low swelling, and high-energy density in battery cells.
“We have spent the past seven years diligently developing critical new materials to improve battery storage capacity. With the chemistry proven we are now moving into a new phase of market application and manufacturing at industry scale,” said Gene Berdichevsky, CEO of Sila Nano.
The funding is led by Sutter Hill Ventures and includes new investors, Amperex Technology Limited, and Siemens-backed global venture firm, Next47. Sila Nano has raised $125m in funding since 2011.
Mike Speiser, managing director of Sutter Hill Ventures, said: “Changes in battery chemistry are generational, and Sila Nano is bringing the next one to market. Sila has solved the hard scientific and engineering problems and is ready to rapidly scale up manufacturing to meet the enormous demand for better batteries.”
