The fourth round funding was led by original investor Sutter Hill Ventures but included the Siemens-backed global venture firm Next47 and battery maker Amperex Technology Limited (ATL) for the first time. Since 2011, Sila Nano has raised a total of $125 Million from investors, including Bessemer Venture Partners, Chengwei Capital, Matrix Partners, Samsung, and In-Q-Tel (IQT).
"Changes in battery chemistry are generational, and Sila Nano is bringing the next one to market. 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," said Mike Speiser, Managing Director of Sutter Hill Ventures. "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 T.J. Rylander, partner at Next47. "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 they have the right technology and the right team to meet these demands."
The first products are a family of silicon-dominant anode materials that replace conventional graphite electrodes entirely and can be used in existing manufacturing processes. "We have spent the past seven years 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 Gene Berdichevsky, CEO of Sila Nano.