Sakti3, Inc., an Ann Arbor, Michigan-based developer of lithium-ion batteries, announces the completion of its $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 research, development and manufacturing capabilities.
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 was founded in 2007 as a spin-out of the University of Michigan
“We aggressively worked to keep Sakti3 here because this high-tech innovator is a key player in Michigan’s growing advanced battery industry,” said Governor Jennifer M. Granholm. “As a Michigan Center of Energy Excellence partnered with the University of Michigan, Sakti3 clearly demonstrates the great value that comes when private business, universities and government work together.”
"We’re pleased to see Sakti3’s progress and growth," says Vinod Khosla, founder and principal at Khosla Ventures. "It’s the kind of play we like – one that uses advanced computational science and manufacturing to produce a potentially disruptive technology."
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