The specialty materials developer, which has now secured $66m in total, has raised funds from backers including Samsung that will support an electric vehicle battery unit.

Israel-based specialty materials developer StoreDot secured $18m for its electric vehicle (EV) battery unit yesterday from backers including Samsung Ventures, the corporate venturing arm of electronics producer Samsung.

The round also included Norma Investments, which acts as an investment vehicle for entrepreneur Roman Abramovich, and venture capital fund Singulariteam.

StoreDot develops organic compounds with enhanced chemical, electrical and optical properties that are intended to replace currently used materials. The capital will go to developing and commercialising a newly formed electric…

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