Michigan spin-out Sakti3 secures $20m investment from vacuum cleaner manufacturer Dyson and others.
Solid state battery manufacturer Sakti3 has received $15m from Dyson in a deal which will see the Michigan University spin-out’s technology incorporated into the vacuum cleaner’s product range over the coming years.
In total, Sakti3 raised $20m in its latest round, which also saw participation from venture firm Khosla Ventures, investor Beringea, Japanese conglomerate Iotchu, and automobile manufacturer General Motors – all of which were existing backers.
Launched in 2007, the Michigan spin-out has raised $50m in external funding. Sakti3 raised $2m in its 2009 series A, $11m over two series B rounds in 2010, $14m in a previously unannounced series B-1 in 2012, and grant funding worth $3m.
The deal also marks one of the first investments for Dyson’s $1.56m Dyson put aside last year to invest in future technologies.
James Dyson, founder and chief engineer at Dyson, said: “Sakti3 has achieved leaps in performance which current battery technology simply can’t. It’s these fundamental technologies – batteries, motors – that allow machines to work properly.”
Ann Marie Sastry, founder and CEO of Sakti3, added: “It was quite an honor for us to be approached by Dyson, precisely because they wanted what we did – much, much better batteries. The truth is, there is a great deal of knowledge and passion on both sides, and Dyson’s engineering team has the capability and the track record to scale up new ideas and make them a commercial reality.”
