As we continue to see a proliferation of wireless connected devices make their way into the mainstream consumer electronics market, there has been growing attention on a key issue that will be central to making all these devices work: efficient power supplies, and specifically practical battery systems. Today, one of the startups that’s hoping to lead the conversation on how this will develop has raised a significant round of funding as it inches closer to a commercial launch.
StoreDot, a startup out of Israel that is developing a new kind of quick-charging (five minutes or less) battery to replace the lithium-ion components largely in use today in phones, electric cars and other un-wired devices, has raised $60 million in funding led by carmaker Daimler with participation also from Samsung Ventures and Norma Investments, an investment firm linked to the Russian tycoon Roman Abramovich. Daimler and Samsung have been prolific investors in autonomous car and other transportation-related startups (Samsung just earlier today signalled a new fund for this purpose; Daimler announced a round in Via just last week.)
StoreDot is not disclosing its valuation, but we understand from reliable sources close to the deal that the valuation is $500 million.
Daimler’s trucking division led the investment, and Doron Myersdorf, the CEO and co-founder of StoreDot, tells us that it will be the first ones to roll out its batteries in vehicles, expected to happen around 2020, with phone batteries coming sooner — in other words, the company has yet to launch any products. “The technology we’re developing for car batteries is similar to what we’re making for mobile,” he said in an interview. “Our focus is to get the mobile batteries to market next year.”
He also said that while Daimler’s trucks might be first in line, the plan is to integrate StoreDot’s batteries across other vehicles from the carmaker and its competitors. “We are working on the whole fleet, including luxury cars, passenger cars and buses,” Myersdorf said.
Half a billion dollars in value is a big leap forward for a startup that has raised $108 million to date. But there is a reason why companies like StoreDot are attracting a lot of attention these days.
The boom in wireless computing devices has well and truly descended upon us. From smartphones, tablets and laptops through to cordless speakers and watches, and now electric connected cars, there are more wireless devices in the world than there are people. We are fast approaching a time when it will be not…