The General Motors investment arm, GM Ventures, and the Deep Insight fund sponsored a $39 million Series B round that Israeli autotech startup Addionics successfully concluded.
Along with a number of new and current investors, Union Tech Ventures, Delek Motors, Next Gear Ventures, Doral, Catalyst, Iron Nation Arc Ventures, GiTV, Susten, KCP, 8090 Industries, Jeff Horing, and other current investors, Scania, a multinational manufacturer of trucks and buses, also took part in this round.
These days, series B rounds rank among the hardest to get funding through because investors want to see substantial progress made in getting the product to market and seeing sales of several million dollars at the very least. With this latest round of funding, Addionics had raised $79 million in total—a sum it has not done since 2022.
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The funding will help Addionics establish global teams, expand manufacturing and commercialisation, and build its US giga-factory for 3D Current Collectors.
Addionics, which works with most of the 10 largest global automotive OEMs and battery manufacturers, is developing a component to increase electric vehicle battery performance.
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The 3D Current Collector decreases copper and aluminium use in battery manufacture while improving performance, including better electricity output and faster charging. The business claims their three-dimensional electrodes boost vehicle battery performance by 20%-30% over two-dimensional electrodes.
Dr. Moshiel Biton, the company’s CEO, Dr. Vladimir Yufit, and Dr. Farid Tariq launched the business in 2017. There are currently 75 employees, 60 of whom are in Israel and the remainder in the United States, Germany, and the United Kingdom.
“As the global demand for higher performing batteries grows, so too has the demand for our product. With the new funding, we will be able to begin commercial production by the end of the year, delivering our technology to battery manufacturers and enhancing battery performance globally,” Biton said.
About Addionics
Addionics is a rapidly expanding startup with headquarters in the US, the UK, and Israel. It has redesigned the architecture of their rechargeable batteries to deliver specialised enhanced batteries. They improve battery performance, safety, cost, and charging time.
