US-based advanced battery manufacturer Seeo has raised $17m in a series E round that included Samsung Ventures, the corporate venturing unit of electronics conglomerate Samsung.
Venture capital firms Khosla Ventures and GSR Ventures also invested in the round, after both contributing to Seeo’s $15m series D round in 2011. The company has now raised $43.5m in total.
Seeo produces lithium polymer batteries with a high energy density for use in electric vehicles. It currently manufactures batteries with an energy density of 350Wh/kg and is looking to increase that to 400Wh/kg, about twice the energy that can be stored in electric car batteries used today.
The company will use the series E funding to accelerate commercialisation of its batteries.
Hal Zarem, president and CEO of Seeo, said: “Samsung Ventures is a sophisticated investor with deep experience and a track-record of success in the space.
“Their engagement with Seeo will strengthen our ability to deliver the next generation of advanced batteries to a market eager for breakthrough capabilities.”