BrightVolt, a Redmond, Wash., based startup developing ultra-thin batteries, announced the beginning of a Series B round of funding, starting with a $5 million investment from prominent New York venture capital firm New Science Ventures — bringing its total funding to more than $20 million to date.
BrightVolt’s Flexion batteries are solid state, making them thinner, more flexible, and more heat resistant than comparable lithium ion batteries and applicable to a diverse range of products.
The non-toxic batteries are already used in more than 10,000 products, and the company says the new funds will go towards “substantial growth” in 2017, to increase manufacturing and prepare for an anticipated increase in demand.
“There is enormous upside market potential for BrightVolt battery technology in the expanding IoT space, including sensors, labels, medical devices and wearables,” said BrightVolt CEO Todd Peters said in a release. “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.”
Peters said the investment from 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 employs 50 people at its Redmond headquarters.