Sakti3 Raises $7 Million in Series B Financing

April 06, 2010 by Jeff Shepard

Sakti3, Inc. announced the completion of its $7 million Series B round of financing. The capital, from new investor Beringea and previous investor Khosla Ventures, will fund the company’s expansion of its Michigan-based research, development and manufacturing capabilities.

Sakti3 will release separate announcements related to its technology, expansion plans, and other partners in the coming months.

"These funds will enable us to continue to develop our technology and manufacturing capabilities," said Dr. Ann Marie Sastry, CEO of Sakti3. "We are scaling and continuing to build our team from our base in Michigan."

The investment from Beringea was made through the InvestMichigan! Growth Capital fund, a $175 million economic growth initiative that provides expansion-stage capital to promising emerging businesses in Michigan.

"Sakti3 presents a fantastic Michigan story: some of the most innovative technology and talent from the University of Michigan is successfully building a business to speed electrification of vehicles, helping position Michigan to lead the next phase of growth in the automotive market – an industry still critical to Michigan’s future," said Jeff Bocan, Managing Director at Beringea.

"We’re pleased to see Sakti3’s progress and growth," said Vinod Khosla, founder and principal at Khosla Ventures. "It’s the kind of play we like - one that uses advanced computational science and manufacturing to produce a potentially disruptive technology. We strongly believe that the solution to clean energy is technical innovation, which is why we supported Sakti3."

Sakti3 is commercializing high performance solid state batteries that are produced using a novel manufacturing process that has been developed by the company. Sakti3 was founded in 2007 as a spin-out of the University of Michigan and has been supported to date by Khosla Ventures and the Michigan Economic Development Corp..