Paper Battery Company has closed a $3.0 million Series A private investment round. The funds will be used to commercialize its first products that promise to significantly improve battery life in smartphones, wearables, accessories and other mobile electronic devices.
The financing, led in two tranches by Caerus Ventures, will be used to scale from the existing pilot production line to commercial manufacturing and achieve first sales revenues in 2015. 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 one of the largest OEM manufacturers in consumer electronics. The company’s PowerPatch product prototypes have been validated by customers, partners, and strategic investors, and progress towards commercial production is driven by confirmed interest from these parties.
The Paper Battery Company’s CEO, Shreefal Mehta, said, “This capital round will allow the company to scale production and rapidly bring to market novel pulse-power management solutions building on its ultrathin ultracapacitors. Customers have shown keen interest in the demonstrated cost-saving from reduced components and in the improved signal and energy efficiency, resulting from using our multi-functional, single package solution.”
Greg Borchardt, Managing Director of Caerus Ventures and a veteran of the consumer electronics industry, said, “In all my years of developing consumer products, I am most excited about the impact that this breakthrough technology will have in augmenting or replacing lithium-ion batteries and making products more energy efficient, from the smallest internet of things to servers and automotive batteries. This company’s product platform is showing that a true innovation can deliver all three benefits, cheaper, faster and better, a mantra for the electronics industry.”