Battery Startup Given $17 Million Boost, Lead by Samsung
Ashley Allen / 2 years ago
Battery startup Seeo, of Hayward, California, has secured a $17 million Series E investment in the latest round of funding, lead by Samsung Ventures, and featuring contributions from existing investors Khosla Ventures and GSR Ventures.
Seeo has developed a lithium-ion battery that is more efficient and less flammable than traditional battery technology. It uses a solid polymer for its electrolyte, rather than the flammable liquid used as the electrolyte solution in other batteries. The polymer also offers greater efficiency, with Seeo hoping to build a cell that can hold 400 Watt-hours per kilogram. For contrast, the battery in a Tesla Model S has an energy density of 240 Wh/kg.
Hal Zaram, CEO of Seeo, says that the investment will be used to expand the company’s manufacturing plant in Hayward. Zarem hopes to have the new battery available by the third quarter of 2015.