Li-Polymer Battery Maker Adds Samsung to $17 Million Funding Round
Seeo, Inc. announced the closing of its largest funding round to date, and the addition of Samsung Ventures Investment Corporation as an investor. 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 ultra-high energy density 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.
"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 Seeoâ€™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.