Cymbet, a US-based solid state energy storage technology developer backed by corporates including chip manufacturers Texas Instruments and Intel, has received more than $10m in funding from Island Shore Investments (ISI).
The investment is part of a two-tranche funding round, and follows a $20m investment by ISI in 2013. The second tranche, set to be sized between $5m and $7m, is expected to be raised in the first half of 2016.
Cymbet’s eco-friendly, rechargeable solid state batteries are utilised in microelectronics systems. It will use the funding to support the introduction of new products and expand in its key markets.
Cymbet raised $31m in a 2010 series C round co-led by Intel Capital, Intel’s corporate venturing unit, and private equity fund manager Perseus, and backed by Texas Instruments, advanced materials and coatings provider Bekaert, chemicals producer Dow Chemical, Helmet Capital, Cedar Point Capital and Ignite Group.
The company had previously secured $16.5m in a 2007 round co-led by Bekaert and Ignite that included Intel Capital, Dow’s corporate venturing unit Dow Venture Capital, Millennium Materials Technologies Funds and Helmet Business Mentors, after reportedly raising $4.5m in a 2011 series A round.