Sila Nanotechnologies, an Alameda, CA-based next-generation battery materials company, secured $170m in Series E funding.
The round, which brought total funding to $295m, was led by Daimler AG, with participation from 8VC, Bessemer Venture Partners, Chengwei Capital, Matrix Partners, Siemens Next47, and Sutter Hill Ventures.
In conjunction with the funding, Jeff Immelt, former CEO of General Electric, will be joining Sila Nano’s Board as an independent director, along with Daimler’s Alex Nediger, Director of Cooperation and Innovation Management.
The company intends to use the funds to bring its batteries to the market.
Founded in 2011 by Gene Berdichevsky, CEO, Sila Nano is a leader in battery storage innovation, advancing novel manufacturing methods to create a silicon-based anode to replace graphite in a lithium-ion battery. Its final product drops into existing li-ion factories, clearing the path to broad adoption.
With the latest round of financing secured, the company has begun ramping up production volume and plans to supply its first commercial customers in consumer electronics within the next year.
Sila Nano will continue to scale up production in the next few years with plans to go to market with automaker partners BMW and Daimler.