Sakti3, Inc., an Ann Arbor-based developer of next-generation lithium-ion batteries (earlier post), has completed a $7-million Series B round of financing. The capital, from new investor Beringea and previous investor Khosla Ventures, will fund the company’s expansion of its Michigan-based research, development and manufacturing capabilities.
Sakti3 will release separate announcements related to its technology, expansion plans, and other partners in the coming months.
The investment from Beringea was made through the InvestMichigan! Growth Capital fund, a $175-million economic growth initiative that provides expansion-stage capital to promising emerging businesses in Michigan.
Sakti3 was awarded a $3 million grant from The Michigan Economic Development Corporation (MEDC) in 2009 and has been designated as a State of Michigan Center of Energy Excellence (CoEE) in partnership with the University of Michigan.
Sakti3 is commercializing high performance solid state batteries that are produced using a novel manufacturing process that has been developed by the company. Sakti3 was founded in 2007 as a spin-out of the University of Michigan and has been supported to date by Khosla Ventures and the Michigan Economic Development Corporation.