Enovix, a US-headquartered battery technology developer backed by chipmakers Intel, Cypress Semiconductor and Qualcomm, received $35m on Tuesday in a funding round led by $25m from an unnamed California-based technology company.
The round included existing shareholders, though only York Capital and Cypress Semiconductor founder TJ Rodgers were named. The funding was secured alongside $10m of contracts to build batteries for specific, undisclosed products and to reserve production capacity.
Founded in 2006, Enovix has created a rechargeable lithium-ion battery that uses a silicon anode and 3D cell architecture to increase energy density while offering a long lifecycle.
The batteries are initially expected to power portable electronic devices. Enovix has also begun research and development in partnership with unnamed carmakers to adapt the technology for electric vehicles, and expects to enter that market within five years.
The latest funding will enable the company to complete construction of its battery production facility, with a view to delivering batteries from late 2020. It said it has now raised more than $200m in venture, strategic and private funding.
Intel and Qualcomm, had invested in Enovix by 2016, through corporate venturing subsidiaries Intel Capital and Qualcomm Ventures, as had Cypress. Its other investors include DCM Ventures, Rockport Capital, Sofinnova Ventures and Trinity Ventures according to its website.
