Addionics, an Israel-based chemistry-agnostic battery technology company, raised $27 million in a Series A funding round. The funding round was led by Deep Insight, a deep tech investment firm founded and backed by Jeff Horing, the founder of Insight Partners, together with Catalyst Fund, Delek Motors, and Dr. Boaz Schwartz.
Additional investors include Novelis, Magna International, JX Nippon Mining & Metals, Union Tech Ventures, 8090 Partners, GiTV, Talcar Corporation, Bridges Israel impact investment fund, Doral Energy Tech Ventures (Doral Energy CVC), and David Deak. Existing investors that participated in the round include NextGear Ventures and Vasuki Global Tech Fund.
Addionics plans to use the newly raised funds to scale up the development of next-gen batteries and redesign battery architecture with its Smart 3D Electrodes. With new funds, the company plans to advance the integration of its technology into a wide variety of applications with an initial focus on electric vehicles in collaboration with some of the major automakers and suppliers.
As part of the investment, Dr. Deak has joined the company’s board of directors. Former executive director at NIO Capital, Yair Shacked, has also joined Addionics’ advisory board.
Addionics is focused on redesigning battery architecture, replacing the electrode’s traditional 2D layered structure with an integrated 3D structure.
The company’s core patented IP, scalable electrode fabrication process, and proprietary artificial intelligence (AI) algorithm lower manufacturing costs, enabling mass-market adoption of 3D electrode structures for the first time.
“With the backing of our esteemed investors and strategic partners, Addionics is forging a clear path to market disruption and is well-positioned to deliver higher performing, lower-cost batteries at scale,” said Dr. Moshiel Biton CEO, and co-founder, Addonics. “We look forward to accelerating our product development and laying the necessary groundwork for commercialization as we remain committed to our mission of revolutionizing the battery industry by building the best battery cell architecture in the market,” he added.
The Series A investment follows an initial $9 million in funding led by Next Gear Ventures, including a $2.5 million grant as part of the European Union’s Horizon2020 innovation competition.
According to Mercom’s recently published 2021 Q4 and Annual funding and M&A report for storage, grid, and efficiency, VC funding for battery storage companies totaled $8.8 billion in 81 deals, compared to $1.6 billion raised in 32 deals in 2020, a 470% increase. Lithium-ion-based battery technology companies received the most VC funding in 2021.