Israel and U.K. based startup Addionics is a chemistry-agnostic battery technology company. It has raised $27 million in a Series A funding round led by Deep Insight, a deep tech investment firm founded and backed by Jeff Horing, the founder of Insight Partners.
The Series A investment follows an initial $9 million in funding led by Next Gear Ventures, which included a $2.5 million grant as part of the European Union’s Horizon2020 innovation competition.
Addionics says that the funding will allow the company to scale up its efforts to redesign battery architecture with the company’s Smart 3D Electrodes, which it says improve the cost and performance of batteries with any chemistry.
Founded in 2017 by Moshiel Biton (CEO), Vladimir Yufit (CTO), and Farid Tariq (CSO), Addionics provides specialized improved rechargeable batteries by redesigning their architecture. Addionics uses a patent pending 3D metal fabrication method to enhance performance, mileage, safety, cost and charging time of batteries. Addionics boasts that its architecture works with current and emerging LIB technology. There are two sides to the company – hardware making smart 3D electrodes, and software where AI will optimize given structures for given performance attributes.
Addionics’ technology helps overcome the biggest barriers to widespread EV adoption, improving the drive range, charging time, safety and cost of EV batteries with any chemistry. The company’s Smart 3D Electrodes have been proven to achieve 2X higher accessible capacity, 50 percent faster charging time and 150 percent longer lifetime.
“With the backing of our esteemed investors and strategic partners, Addionics is forging a clear path to market disruption and is well-positioned to deliver higher performing, lower cost batteries at scale,” said Dr. Moshiel Biton, CEO and co-founder, Addonics. “We look forward to accelerating our product development and laying the necessary groundwork for commercialization as we remain committed to our mission of revolutionizing the battery industry by building the best battery cell architecture in the market.”