BrightVolt Inc., a developer in design, development and scale manufacturing of ultra-thin film, flexible batteries, has announced the opening of a Series B round of investment. Prominent scientific venture capital firm New Science Ventures is anchoring the round with $5 million.
“There is enormous upside market potential for BrightVolt battery technology in the expanding IoT space, including sensors, labels, medical devices and wearables,” said Todd Peters, BrightVolt CEO. “As the numerous uses for our revolutionary and patented battery chemistry continues to multiply, with this investment so will our ability to meet global market demand. Our partnership with New Science Ventures accelerates our ability to lead new battery development and meet the world’s need for safer, smaller and more powerful batteries.”
BrightVolt will use these Series B funds to prepare for substantial growth in 2017, to continue to build on its patented, core battery technology, Polymer Matrix Electrolyte (PME) and to scale its manufacturing.
“As power requirements for semiconductors keep coming down and IoT applications experience rapid growth, many players are looking for flexible form factors to power these distributed devices,” said Vivek Mohindra, New Science Ventures partner and board member. “BrightVolt’s proprietary technology changes the way batteries are developed, and speeds innovations in areas where new types of flexible and safe batteries are needed. Our continued commitment to BrightVolt reflects our strong belief in their industry-leading technology and the current direction of the company.”
Unlike liquid lithium-ion batteries which can be flammable and toxic when exposed to the environment, BrightVolt ultra-thin film, flexible batteries are solid state, meaning they can be heated and laminated onto smart security and payment cards, for example.
BrightVolt’s proprietary technology also provides for more rapid development and a more cost effective approach to printed manufacturing at scale. This scientific technology has been employed to manufacture more than 10 million BrightVolt ultra-thin film batteries and is the foundation for future growth.
BrightVolt is evaluating additional funding from other parties interested in investing in this rapidly expanding market space.