US-based portable power company Contour Energy Systems has closed an undisclosed amount of series C funding, as a number of previous investors were joined by the Singapore-based strategic investment fund EDB Investments (EDBI).
The state backed fund joined a consortium including US-based venture capital firms CMEA Capital, Harris & Harris and US Venture Partners, as well as the corporate venturing division of New York-listed oil services provider Schlumberger, all of which contributed to a $14.2m round of series B capital, raised in February last year.
Contour was formerly known as CFX Battery, the name under which it closed the previous rounds. Its series A round raised $15.2m, taking the overall capital to $29.4m over the first two rounds.
Maurice Gunderson, chairman of the board at Contour and venture partner with CMEA Capital, said: "In this turbulent economy, Contour’s ability to raise another significant round of funding is an impressive achievement and another key milestone for the company and with the addition of Singapore-based EDBI as another strategic investor, Contour is adding a key partner with important ties in Asia."
Contour plans to increase the commercial potential of its next generation rechargeable batteries by investing the money in the expansion of its production capabilities and in research and development, which will now be centred in Singapore.