Sakti3, Inc., an Ann Arbor, MI-based developer of innovative lithium-ion batteries, completed its $7m Series B round of financing from new investor Beringea and previous investor Khosla Ventures.
The investment from Beringea was made through the InvestMichigan! Growth Capital fund, a $175m economic growth initiative that provides expansion-stage capital to promising emerging businesses in Michigan.
The capital will fund the company’s expansion of its research, development and manufacturing capabilities.
Commenting on the round, Dr. Ann Marie Sastry, CEO of Sakti3, was quoted as saying: “These funds will enable us to continue to develop our technology and manufacturing capabilities.
“We are scaling and continuing to build our team from our base in Michigan”.
The company was also awarded a $3m grant from The Michigan Economic Development Corporation (MEDC) in 2009.
Founded in 2007 as a spin-out of the University of Michigan, Sakti3 is commercializing high performance solid state batteries that are produced using a proprietary manufacturing process.