Presidio Ventures, an investment arm of conglomerate Sumitomo, participated in a $30m series C round yesterday for US-based battery technology developer Enevate.
The round was led by co-led by Tsing Capital, Mission Ventures and Infinite Potential Technologies.
Enevate is developing rechargeable lithium-ion batteries aimed at mobile devices that extend energy density by up to 50% compared to current technology. The company was spun out of University of California, Irvine in 2005 as Carbon Micro Battery but changed its name in 2010.
The series C capital will enable the company to scale up manufacturing to mass production, and explore an expansion into the unmanned aerial vehicle sector.
The company previously closed a $24m series B round in 2012 led by CEC Capital, a financial services firm backed by electronics conglomerate China Electronics. Presidio, Tsing, Mission Ventures and Draper Fisher Jurvetson (DFJ) also participated.
Mission Ventures and DFJ previously also provided a total of $5.3m in seed and series A funding.