Cymbet Corporation, an Elk River, MN-based developer of solid-state energy storage technology, completed the final phase of its third round of private equity financing, raising $31m.
The round was co-led by Perseus, L.L.C., and Intel Capital, with participation from new investor Texas Instruments and existing investors Bekaert N.V., Helmet Capital, Cedar Point Capital, The Dow Chemical Company and The IGNITE Group.
The company markets EnerChip, an eco-friendly, rechargeable, solid-state energy device that provides embedded systems designers with new distributed power capabilities. It enables new concepts in energy storage application for integrated circuits and new products for medical, sensor, radio frequency identification (RFID) tags, industrial control, communications and portable electronic devices.
Cymbet will use proceeds to expand sales and marketing initiatives globally, as well as to add manufacturing capacity for EnerChip in response to rising customer demand.