Battery specialist Sila Nanotechnologies has received $70 million in Series D funding from Sutter Hill Ventures, Next47 (backed by Siemens), and Amperex. Sila Nano will use the funding for the development and commercialization of its silicon-dominant anodes. Overall, Sila has raised $125 million from investors including Bessemer Venture Partners, Chengwei Capital, Matrix Partners, Samsung, and In-Q-Tel (IQT). The company also partnered with the BMW group earlier this year.
“Changes in battery chemistry are generational, and Sila Nano is bringing the next one to market,” says Sutter Hill Ventures Managing Director Mike Speiser. “Sila has solved the hard scientific and engineering problems and is ready to rapidly scale up manufacturing to meet the enormous demand for better batteries. Dramatically better batteries will change the landscape of what’s possible for the phone in your pocket, the cars on the road, and the entire grid infrastructure.”
“Batteries are a key component in the future of mobility and electrification, but the current technology can’t keep up,” said Next47 Partner T.J. Rylander. “Future progress in everything from wearables and smart devices to industrial IoT and electric transportation depend on improvements in energy density and cycle life. Sila has demonstrated that it has the right technology and the right team to meet these demands.”
“We have spent the past seven years diligently developing critical new materials to improve battery storage capacity. With the chemistry proven we are now moving into a new phase of market application and manufacturing at industry scale,” said Sila Nano CEO Gene Berdichevsky. “We are incredibly gratified to be supported by a group of investors from finance and industry who recognize the opportunity, understand the science and share our vision.”
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Source: Sila Nanotechnologies