US-based battery technology developer 24M has picked up $56.8m in a series E round backed by diversified trading group Itochu, conglomerate Fujifilm, ceramics and electronic component producer Kyocera and energy utility Global Power Synergy.
Itochu led the round with participation from Sparx Group’s Mirai Creation Fund II and venture capital firm North Bridge Venture Partners.
As part of the deal, Hiroaki Murase, general manager of the sustainable energy business at Itochu, has joined 24M’s board of directors.
Founded in 2010, 24M is developing lithium-ion batteries designed to be used in electric vehicles and renewable energy technology.
Kyocera led 24M’s $21.8m series D round in 2018, which was also backed by Itochu and North Bridge Venture Partners.
24M emerged from stealth mode in 2015 with $50m of series A and series B funding from Charles River Ventures, North Bridge Venture Partners and undisclosed additional backers.
Charles River Ventures and North Bridge Venture Partners had provided $10m of series A funding for the business when it was spun out of China-based battery producer A123 Systems in 2011, implying that the series B round could be as much as $40m.