Venture capital firm New Science Ventures has led a $4m series A1 round of funding into US-based Solicore, a manufacturer of thin and flexible lithium polymer batteries. New Science were joined by existing investors including print service company R.R. Donnelley, specialty materials company Rogers Corporation and venture capital firms Draper Fisher Jurvetson, Braemar Energy Ventures, Firelake Capital, OPG Ventures and Hydro-Quebec CapiTech.
The funds will be used to expand Solicore’s market reach.
Chief executive of Solicore, Dave Corey, said: “ To advance our position as the market leader in providing embedded power solutions, Solicore felt it was critical to expand our market reach further to support the powered card industry, but equally in support of the medical devices and sensor markets”.
Vivek Mohindra, partner at New Science Ventures, will now join Solicore’s Board of Directors.
In 2009, Solicore raised $13.3m in a series D round led by technology manufacturers Rogers Corp. Previous investors Draper Fisher Jurvetson, Rho Ventures, Braemar Energy Ventures, OPG Ventures, and Firelake Capital also participated in the financing round.