Contour Energy Systems, an Azusa developer of advanced battery technology, on Thursday said that it raised $20 million in a Series C funding round.
The Caltech spin-off said the round added a new lead investor, SBI Jeffries Asia Fund L.P., a large global fund based in Singapore. Also participating were existing investors CMEA Capital, Harris & Harris, Schlumberger and U.S. Venture Partners.
The company, co-founded in 2007 by chemistry Nobel Laureate Robert Grubbs and led by Chief Executive Joe Fisher, is developing ways to use carbon-fluoride chemistry and nanotechnology to significantly increase the energy and power densities of primary and rechargeable batteries. The new money will be used to commercialize and add production capacity for its products in a wide variety of markets.
"Contour Energy's next-generation battery technology has significant potential to disrupt the portable power industry," Masaki Takayanagi, managing director of SBI Jeffries fund investment advisor SBI Ven Capital Pte Ltd., said in a statement.