US-based solid state battery manufacturer Sakti3 has received $15m from household product technology producer Dyson in a deal which will see the Michigan University spin-out’s technology incorporated into Dyson’s product range.
Sakti3 has raised a total of $20m in its series C round, which also featured trading conglomerate Iotchu, automotive manufacturer General Motors, venture firm Khosla Ventures and private equity firm Beringea, all of which took part as existing backers.
Launched in 2007, Sakti3 has now raised $50m in external funding, including $11.2m in a 2010 series B round in which GM invested $3.2m and Itochu $1m, $14m in a previously unannounced series B-1 in 2012, and grant funding worth $3m.
The deal also marks one of the first investments from the £1bn ($1.5bn) Dyson put aside last year to invest in future technologies.
James Dyson, Dyson’s founder and chief engineer, said: “Sakti3 has achieved leaps in performance which current battery technology simply cannot. It is these fundamental technologies – batteries, motors – that allow machines to work properly.”
Ann Marie Sastry, founder and CEO of Sakti3, added: “It was quite an honour for us to be approached by Dyson, precisely because they wanted what we did – much, much better batteries. The truth is, there is a great deal of knowledge and passion on both sides, and Dyson’s engineering team has the capability and the track record to scale up new ideas and make them a commercial reality.”
– A version of this article was originally published on our sister site, Global University Venturing. Photo courtesy of Sakti3.