Venture Capital News: Sila Nanotechnologies Inks $590M Series F
ALAMEDA, CA, Sila Nanotechnologies, a next-generation battery materials company, has raised $590 million Series F funding at a $3.3 billion post-money valuation.
The new funding comes as the first Sila Nano-powered batteries prepare to ship in consumer devices and the company scales up its production to serve growing demand from smartphone and automotive customers. Coatue led the round with significant participation by funds and accounts advised by T. Rowe Price Associates, Inc. In addition, existing investors 8VC, Bessemer Venture Partners, Canada Pension Plan Investment Board, and Sutter Hill Ventures also participated in the round.
Sila Nano develops materials that set a new standard for batteries. Through new battery materials chemistry, Sila Nano enables lighter, safer, higher energy density batteries for mass adoption of electric vehicles, smarter, longer-lasting portable electronics, and broader use of renewable power sources. Their first product is a silicon-based anode that demonstrates 20 percent improvement over state of the art traditional lithium-ion today, with the potential to reach 50 percent improvement over time. Founded in 2011 by Silicon Valley battery engineers and a Georgia Tech Professor of Materials Science, Sila Nano is headquartered in Alameda, California. Investors include 8VC, Amperex Technology Limited, Bessemer Venture Partners, Canada Pension Plan Investment Board, Chengwei Capital, Coatue, Daimler, In-Q-Tel, Matrix Partners, Next47, Samsung, Sutter Hill Ventures, and funds and accounts advised by T. Rowe Price Associates, Inc. For more information, visit www.silanano.com.
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