The corporate venturing unit of Applied Materials and In-Q-Tel, the CIA’s quasi-corporate venturing unit, yesterday helped Infinite Power Solutions, a US-based rechargeable battery company, raise $10m.
Applied Ventures and In-Q-Tel were joined in the round by DE Shaw Ventures, the venturing unit of the hedge fund, as well as venture firms Generation Investment Management, Polaris Venture Partners and Core Capital Partners.
Infinite Power Solutions C round raised $20m in 2010. Earlier investors in the company have included chip maker Texas Instruments.
Infinite’s series B round closed at the end of 2008 at $13m. The company also raised $35.7m two years earlier, which included strategic investment from Advanced Energy Technologies and SpringWorks, a subsidiary of the Petters Group. It was founded in 2001.