Infinite Power Solutions, a US-based maker of rechargeable batteries, has raised $20m in its series C round, including from Applied Ventures, the corporate venturing division of technology company Applied Materials.
Financial investors DE Shaw Ventures, Polaris Venture Partners and Core Capital Partners co-led the C round, which also included UK-based venture capital firm Generation Investment Management as a new member of the investment syndicate. Applied Ventures and two other, undisclosed strategic investors also participated in the C round.
Infinite said earlier investors in the company included chip maker Texas Instruments and In-Q-Tel, the venture investment division of the US government’s intelligence agencies.
Last month, Infinite filed a regulatory report saying it had part-closed its C round and separately signed a global distribution agreement with Tokyo Electron Device, a Japan-based technology trading company.
Infinite’s series B round closed at the end of 2008 at $13m. This B round was on top of the $35.7m raised two years earlier, which included strategic investment from Advanced Energy Technologies and SpringWorks, a subsidiary of the Petters Group.