StoreDot Ltd, a Herzeliya, Israel-based nanotechnology developer, completed $42m Series B financing round.
Backers included Russian businessman Roman Abramovich’s private asset management company, Millhouse LLC, which committed $10m.
The company intends to use the funds to enable refinement and commercialization of its battery technology, new hiring, and the development of other products in its research facility in Herzeliya.
Led by Dr. Doron Myersdorf, CEO, StoreDot has developed a fast-charge battery that uses “Nanodots” derived from bio-organic material. Besides fast-charging batteries, the bio-organic Nanodots have the potential to enhance current technologies of smartphones and TV displays, superfast Flash memory, bio-LEDs, and bio-lasers and in nano-medicine technology including drug delivery, food security, bio labeling, etc.