Georgia Tech-linked battery technology producer Sila Nanotechnologies has more than tripled its valuation to $3.3bn in the series F round.
Sila Nanotechnologies, a US-based battery materials producer co-founded by Georgia Tech faculty and former engineers of electric carmaker Tesla, has secured $590m in its series F round.
The round was led by investment manager Coatue and included funds and accounts advised by T Rowe Price, as well as 8VC, Bessemer Venture Partners (BVP), Canada Pension Plan Investment Board and Sutter Hill Ventures. It valued Sila Nano at $3.3bn post-money.
Founded in 2011, Sila Nano has developed a silicon-based anode it claims is 20% more efficient than the lithium-ion chemistry currently used in most batteries powering electric cars and portable electronic devices.
The capital will help fund development of a second manufacturing plant for the company, adding to its existing facility in the Californian city of Alameda. It plans to recruit 100 new staff members this year, with production slated to begin at the new plant in 2024.
