Sakti3 has closed on a eight-figure Series C round of seed capital to help develop and commercialize its lithium ion battery technology.
The Ann Arbor-based startup closed on a $20 million Series C earlier this month. That investment includes a $15 million investment from Dyson, the vacuum cleaner company. Sakti3 now has a broad range of investors including General Motors and Khosla Ventures.
"We think this is a huge development for Sakti3," says Ann Marie Sastry, CEO of Sakti3. "The Dyson partnership is critically important for our growth and first entry into the market."
Sakti3 spun out of the University of Michigan seven years ago looking to help lithium ion battery technology take a big step forward. Sakti3's technology claims to offer double the energy density of today’s commercial cells at half the price. It has been targeted for the automotive industry but Dyson sees potential in it for its handheld vacuum cleaners.
Sastry says her startup employs less than two dozen people and is hiring. She declined to say how many jobs it has open or how many people it has hired over the last year.
Source: Ann Marie Sastry, CEO of Sakti3
Writer: Jon Zemke