Paper Battery Company, a Troy NY-based developer of an energy storage and enhancement technology for consumer electronics and other applications, closed a $3.0M Series A financing round.
The round was led in two tranches by Caerus Ventures, with participation from Tylt Lab and Tom Baruch.
The company intends to use the funds to scale from the existing pilot production line to commercial manufacturing and achieve first sales revenues in 2015.
Led by CEO Shreefal Mehta, The Paper Battery Company has designed an ultrathin ultracapacitor that enables companies to use smaller batteries without compromising energy or peak performance in in smartphones, wearables, accessories and other mobile electronic devices.
In the last eight months, the company has installed a new pilot line facility, launched a commercial partnership with a global industry leader in battery pack manufacturing, TWS Industrial, and signed a test and evaluation contract with a large OEM manufacturer in consumer electronics. Its product prototypes have already been validated by customers, partners, and strategic investors.