NEWBERRY, Ind. (Inside INdiana Enterprise) – Newberry-based startup Ateios has acquired $1.25 million in Sequence Seed funding, led by enterprise capital agency Good Progress Capital in South Carolina. The battery startup says it has developed the world’s first customizable, thin-film battery.
Ateios says the seed spherical will allow it to fulfill buyer demand and scale its know-how.
“The identical manner Moore’s Regulation for microchips has modified the world, the subsequent technology of computing might be enabled by an acceleration in power storage,” stated Dr. Rajan Kumar, founder and chief govt officer of Ateios. “Know-how retains transferring in the direction of smaller and thinner units for on a regular basis use. The one factor stopping it’s the battery.”
Ateios says its group has been working with Good Progress Capital just about for the final six months to set up the connection. Different buyers embrace San Diego-based Keshif Ventures, Indianapolis-based Elevate Ventures, and HG Ventures, additionally in Indianapolis, amongst others.
The corporate says its patent pending manufacturing approach for thin-film batteries makes its manufacturing course of 10 instances sooner and one-fifth of the capital price in comparison with present battery manufacturing.
“Advances in batteries have gotten the important thing enabler for a lot of industries: power, drugs, transportation, ubiquitous computing,” stated Holly. “As a result of Ateios’ breakthrough is streamlining the manufacturing course of, reasonably than creating entire new battery chemistry, they’ll adapt their platform shortly for a variety of current purposes. Their know-how particularly shines in small, versatile electronics purposes which have been ready for an innovation like this.”
Dr. Kumar and fellow graduate pupil, Carlos Munoz, based Ateios whereas “conducting pioneering analysis in stretchable batteries on the College of California San Diego Jacob College of Engineering.”
The funding spherical comes shortly after Ateios acquired Part I SBIR funding from the Nationwide Science Basis and graduated from The Heritage Group Accelerator powered by Colorado-based Techstars.
Ateios relocated to the Battery Innovation Middle situated close to Bloomington earlier this 12 months. The corporate says it’s working with the state of Indiana to find its subsequent facility to ship even bigger volumes.