Investors in this Series B funding round include Beringea and Khosla Ventures. Vinod Khosla once said that li-ion batteries were "overhyped" but isn't above making money off of the hype. Beringea made its investment through the InvestMichigan! Growth Capital fund, a Michigan initiative aimed at bringing emerging technologies to the state.
Ann Marie Sastry, Sakti3's chief executive officer, said in a statement that:
Sakti3 was awarded a $3 million grant from the Michigan Economic Development Corporation in 2009 and partnered with the University of Michigan to develop talent and ready Michigan for the future of electric vehicles. Follow the jump for the entire release.These funds will enable us to continue to develop our technology and manufacturing capabilities. We are scaling and continuing to build our team from our base in Michigan.
[Source: Sakti3 | Image: Megan - C.C. License 2.0]
Sakti3 Raises $7 Million in Series B Financing
Plans Continued Development of Advanced Batteries
ANN ARBOR, Mich.--(BUSINESS WIRE)--Sakti3, Inc., an Ann Arbor-based developer of next-generation lithium-ion batteries, announces the completion of its $7 million Series B round of financing. The capital, from new investor Beringea and previous investor Khosla Ventures, will fund the company's expansion of its Michigan-based research, development and manufacturing capabilities.
"It's the kind of play we like - one that uses advanced computational science and manufacturing to produce a potentially disruptive technology. We strongly believe that the solution to clean energy is technical innovation, which is why we supported Sakti3."
Sakti3 will release separate announcements related to its technology, expansion plans, and other partners in the coming months.
"These funds will enable us to continue to develop our technology and manufacturing capabilities," said Dr. Ann Marie Sastry, CEO of Sakti3. "We are scaling and continuing to build our team from our base in Michigan."
The investment from Beringea was made through the InvestMichigan! Growth Capital fund, a $175 million economic growth initiative that provides expansion-stage capital to promising emerging businesses in Michigan.
"Sakti3 presents a fantastic Michigan story: some of the most innovative technology and talent from the University of Michigan is successfully building a business to speed electrification of vehicles, helping position Michigan to lead the next phase of growth in the automotive market – an industry still critical to Michigan's future," said Jeff Bocan, managing director at Beringea.
"We're pleased to see Sakti3's progress and growth," says Vinod Khosla, founder and principal at Khosla Ventures. "It's the kind of play we like - one that uses advanced computational science and manufacturing to produce a potentially disruptive technology. We strongly believe that the solution to clean energy is technical innovation, which is why we supported Sakti3."
Sakti3 was awarded a $3 million grant from The Michigan Economic Development Corporation (MEDC) in 2009 and has been designated as a State of Michigan Center of Energy Excellence (CoEE) in partnership with the University of Michigan.
"We aggressively worked to keep Sakti3 here because this high-tech innovator is a key player in Michigan's growing advanced battery industry," said Governor Jennifer M. Granholm. "As a Michigan Center of Energy Excellence partnered with the University of Michigan, Sakti3 clearly demonstrates the great value that comes when private business, universities and government work together."
About Sakti3: Sakti3 is commercializing high performance solid state batteries that are produced using a novel manufacturing process that has been developed by the company. Sakti3 was founded in 2007 as a spin-out of the University of Michigan and has been supported to date by Khosla Ventures and the Michigan Economic Development Corporation. For more information on Sakti3, please contact Trakia Bennett at email@example.com.
About Beringea: Beringea is the largest venture capital firm in Michigan, with $400 million under management and more than 60 portfolio companies in the U.S. and UK. Headquartered in Farmington Hills, Mich., the firm has additional offices in London and Shanghai. Beringea has more than 20 years of investing experience in a range of sectors, including health care, clean technology, advanced manufacturing, media, Internet technologies and specialized consumer products. Among its many initiatives, Beringea is co-manager of the $175 million InvestMichigan! Growth Capital Fund, which provides venture and expansion-stage capital to emerging businesses headquartered or with substantial operations in the state of Michigan. For more information, visit www.beringea.com or www.investmichiganfund.com.
About Khosla Ventures: Khosla Ventures offers venture assistance, strategic advice and capital to entrepreneurs. The firm helps entrepreneurs extend the potential of their ideas in breakthrough scientific work in clean technology areas such as solar, battery, high efficiency engines, lighting, greener materials like cement, glass and bio-refineries for energy and bioplastics, and other environmentally friendly technologies as well as traditional venture areas like the Internet, computing, mobile and silicon technology arenas. Vinod Khosla founded the firm in 2004 and was formerly a General Partner at Kleiner Perkins and founder of Sun Microsystems. Khosla Ventures is based in Menlo Park, California. For more information visit www.khoslaventures.com.
About The Michigan Economic Development Corporation: The Michigan Economic Development Corporation, a partnership between the state and local communities, promotes smart economic growth by developing strategies and providing services to create and retain good jobs and a high quality of life. For more information on the MEDC's initiatives and programs, visit the Web site at www.TheMEDC.org.