Industrial technology and appliance producer Siemens and lithium-ion battery manufacturer Amperex Technology both participated in a $70m series D round for US-based advanced battery technology developer Sila Nanotechnologies today.
Venture capital firm Sutter Hill Ventures led the round, which increased Sila’s overall funding to $125m, while Siemens invested through its Next47 unit.
The company named consumer electronics producer Samsung as well as Bessemer Venture Partners, Chengwei Capital, Matrix Partners and In-Q-Tel as existing backers but did not confirm their involvement in the series D funding.
Founded in 2011, Sila has developed silicon-dominant anode technology that can be inserted into existing battery manufacturing systems, replacing graphite and allowing for higher density in battery cells.
The materials are intended for use in batteries serving the portable electronics, electric vehicle, grid-scale energy storage and, eventually, the battery-powered flight markets.
Next47 partner TJ Rylander said: “Batteries are a key component in the future of mobility and electrification, but the current technology cannot keep up.
“Future progress in everything from wearables and smart devices to industrial [internet of things] and electric transportation depend on improvements in energy density and cycle life. Sila has demonstrated that they have the right technology and the right team to meet these demands.”
Sila, which formed a strategic partnership with carmaker BMW in March this year, has not revealed details of its earlier funding, though Bessemer stated on its website that it first backed the company in 2016.