Nanotechnology pioneer StoreDot yesterday announced the completion of its Series B Round of financing of $42 Million. Singulariteam, a private investment fund that focuses on early stage new and disruptive technology companies, provided seed funding for StoreDot. New funding comes from several strategic partners including $10 million from Russian businessman Roman Abramovich’s private asset management company, Millhouse LLC.
Founded in Israel in 2012, StoreDot attracted the world’s attention earlier this year when it demonstrated, for the first time, the prototype of an ultra-fast-charge battery that uses “Nanodots” derived from bio-organic material.
This new round of funding will enable refinement and commercialization of the ground-breaking battery technology, new hiring, and the development of other products in a new state-of-the-art research facility in Herzeliya, Israel.
StoreDot’s real innovation is the discovery of new generation, self-assembled nanomaterials derived from cost effective bio-organic elements that, due to their size and electrochemical attributes have the potential to disrupt a number of technology markets.
Besides fast-charging batteries, the bio-organic Nanodots have the potential to enhance current technologies of smartphones and TV displays, superfast Flash memory, bio-LEDs, and bio-lasers. Furthermore, their biocompatibility presents a unique opportunity to apply them in nano-medicine technology including drug delivery, food security, bio labeling and more.
StoreDot’s bio-organic devices are eco-friendly, unlike other technologies currently in use which are heavy-metal based, like cadmium, and, therefore, toxic. The EU parliament has already passed legislation banning cadmium-based technology. The deadline for full implementation of this ban is set at 31 December 2016.
Manufacturing Nanodots is relatively inexpensive as they originate naturally, and utilize a basic biological mechanism of self-assembly. Nanodots can be made from a vast range of bio-organic raw materials that are readily available. Therefore, StoreDot’s technology can potentially be manufactured at order-of-magnitude cheaper levels.
“We are excited to complete our latest round of funding which validates our projections that this novel technology has the potential to disrupt a number of industries,” says Dr. Doron Myersdorf, StoreDot’s CEO. “This latest infusion of capital will support our continued innovation and enable us to commercialize both the fast charging battery for smartphones and our BioLED display.”
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