Seeo, a Hayward, Calif.-based producer of advanced lithium polymer batteries, has raised an undisclosed amount of funding. The investors included Samsung Ventures, Khosla Ventures and GSR Ventures.
HAYWARD, Calif.–(BUSINESS WIRE)–Seeo, a leading developer of advanced lithium polymer batteries, today announced the closing of its largest funding round to date, and the addition of Samsung Ventures Investment Corporation (“Samsung Ventures”) as an investor. Earlier investors Khosla Ventures and GSR Ventures also participated in the round.
“We appreciate the confidence Samsung Ventures has expressed in our technology and team with this investment,” said Hal Zarem, President and CEO of Seeo. “Samsung Ventures is a sophisticated investor with deep experience and a track-record of success in the space. Their engagement with Seeo will strengthen our ability to deliver the next generation of advanced batteries to a market eager for breakthrough capabilities.”
The invested capital will be used to accelerate the commercialization of Seeo’s ultra-high energy density advanced lithium polymer batteries.
Seeo DryLyte™ Advanced Lithium Polymer Batteries
Seeo’s DryLyte electrolyte enables breakthroughs in energy density, which is a key enabler to increasing the range of electric vehicles (EVs). Currently, Seeo has cells cycling with an energy density of 350 Wh/kg, with a future target of 400 Wh/kg, roughly twice the level of batteries used in today’s EVs.
Seeo enables the production of safer batteries by replacing the flammable liquid electrolytes of conventional lithium-ion cells with Seeo’s DryLyte solid polymer electrolyte that is non-flammable and non-volatile. These enhanced safety characteristics, combined with exceptionally high energy density, represent a breakthrough for next-generation battery applications.
Seeo develops and manufactures advanced lithium polymer batteries for automotive and stationary energy storage applications based on Seeo’s patented DryLyte technology. Originally developed at Lawrence Berkeley National Laboratory with sponsorship from the US Department of Energy, DryLyte products are safer, lighter and longer lasting than competitive Lithium ion batteries. Seeo has an exclusive license to core patents from Lawrence Berkeley National Laboratory and has more than 40 issued, exclusively licensed and pending patent applications. The company is headquartered in Hayward, California. For more information, visit www.seeo.com.
About Samsung Ventures Investment Corporation
Samsung Venture Investment Corporation manages investment and investment-related activities for Samsung affiliate companies. The investment mandate for SVIC tracks closely to the strategic priorities of Samsung affiliate companies’ core operating divisions and encompasses investments in semiconductors, displays, telecommunications and consumer electronics.