Seeo, a developer of advanced lithium polymer batteries, has closed its largest funding round to date, and added Samsung Ventures Investment Corporation.
Earlier investors Khosla Ventures and GSR Ventures also participated in the round. The invested capital will be used to accelerate the commercialization of Seeo’s high energy density advanced lithium polymer batteries.
“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.”
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, combine with high energy density. 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 electric vehicles.
Among its current products, SEEO offers DryLyte Automotive Packs employing the Seeo DryLyte 1.6 kWh module as the basic building block. Scalable in voltage and capacity, the DryLyte Automotive Pack can be configured to meet a variety of requirements. The pack achieves 130 Wh/kg.
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.
