Advano, a New Orleans-based company that has created a solution to improve the battery life of today’s rechargeable batteries, emerged from stealth and closed a $18.5m Series A funding round.
The round was co-led by Mitsui Kinzoku SBI Material Innovation Fund, Tony Fadell’s Future Shape and PeopleFund, with participation from Peter Thiel’s Thiel Capital, DCVC, and Y Combinator, among others. In conjunction with the funding, Tony Fadell and a member from Mitsui Kinzoku SBI Material Innovation Fund have joined as observers on the company’s board of directors.
Founded in 2016 by chemical engineer Alexander Girau, Advano upcycles scrap, silicon waste from semiconductor or solar panel manufacturing, to create a silicon solution called A-SiFx™ that increases the energy density of li-ion batteries. By upcycling, the company is able to sidestep the toxic silicon manufacturing process entirely, protecting both the environment and its engineers. Advano has also signed its first major strategic partnership, announcing that it will work with Japan-based Mitsui Kinzoku, one of the largest battery materials suppliers in the world, to leverage Mitsui’s knowledge of manufacturing and access its vast distribution channels across multiple industries.
In addition, John S. Foster, Ph.D., of microelectromechanical systems (“MEMS”) biotech company, Owl Biomedical, Inc., and Innovative Micro Technology has been appointed as President and COO.
Finally, Dr. John S. Foster, a former faculty member in Applied Physics at Stanford, who recently relocated to New Orleans, will serve as President and Chief Operating Officer.