Anthro Raises $7.2M in Seed Funding to Shape the Future of Energy Storage
The financing was co-led by USV and ER-V, and will be used to scale Anthro's battery technology and team.
SAN JOSE, Calif. , Oct. 19, 2022 /PRNewswire-PRWeb/ -- Anthro Energy, Inc., an advanced battery technology company, today announced the closing of an oversubscribed $7.2M seed round. Union Square Ventures and Energy Revolution Ventures co-led the financing, with participation from Voyager Ventures, Emerson Collective, Nor'Easter Ventures, Ultratech Capital Partners, and the Stanford President's Venture Fund. The capital will accelerate the commercialization of Anthro's core battery technology platform for applications ranging from wearables to mobility and beyond.
Lithium-ion batteries are at the heart of the electrify-everything revolution. But today's bulky, rigid batteries are difficult to integrate into electronics of all sizes, and they present serious safety hazards including fires and chemical leakage. To solve these issues, Anthro has developed a novel polymer engineering platform to enable the world's first 'structural' batteries. These battery cells withstand mechanical deformation, and are completely safe. The result is an energy source that can be designed into a device, rather than a design hindrance.
"At Anthro, we think differently about what the future of energy storage looks like. The ability to pack more battery power into a device is transformative for any application," said Dr. David Mackanic, founder and CEO of Anthro. "Our technology uniquely enables us to put batteries in places they have never gone before. Our vision is to enable a world where safe, structurally stable batteries are embedded everywhere, for a clean, connected society."
Anthro currently utilizes its core polymer technology in its line of flexible battery products. These flexible batteries can be integrated into 'dead space' of devices such as straps, bands, and substrates to create 2-5 fold improvements in run time and functionality. The initial markets for flexible batteries include wearables and medical devices, where today's batteries throttle device performance and create bulky, uncomfortable experiences for the user. Anthro is currently providing prototypes to several partners developing a wide range of wearable products.
Beyond flexible batteries, Anthro's polymer engineering platform provides avenues to create improved energy storage devices for applications of all sizes. "The exciting thing about our technology is its versatility," said Anthro's CTO and co-founder Dr. Joe Papp. "Our materials can impart safety and structural integrity to batteries of any chemistry, for any application. Safety and mechanical stability are core challenges facing the next-generation of high-performance batteries, and we have a solution for that."
Unlike many other solutions for creating next-generation batteries, Anthro's technology is completely compatible with existing battery manufacturing lines. The high scalability of the technology will enable lower capital expenditure, a quicker time to market, and ultimately lower cost than competing technologies.
"Anthro's highly tunable electrolyte technology enables high conductivity, strength, safety, and stability in next-generation batteries." said Peter Robson, managing director of Energy Revolution Ventures, a UK-based venture capital firm focused on funding electrochemistry technologies. "We are excited by their approach that uses a scalable engineering process to solve the challenges of both today's and tomorrow's lithium-ion batteries."
"Anthro's strategy of delivering revolutionary battery technology in a differentiated product is very compelling. It is clear that we need to solve the issues of battery safety and stability to create an electrified future" said Albert Wenger, managing partner at Union Square Ventures. "Developing a clear path to market is challenging for most battery technologies, but Anthro has already demonstrated clear customer traction and high performance. We are excited to support them on their journey towards commercialization." added Mona Alsubaei, an investor at USV.
Anthro spun out of Stanford University in 2021 and is currently located in San Jose, CA. Anthro is also supported by Activate.org, National Security Innovation Capital, a U.S. Department of Energy Small Business Innovation Research (SBIR) grant, and a U.S. Army XTech SBIR award. Anthro is currently hiring for a number of high-impact roles across all business functions.
About Anthro
Anthro Energy Inc. is reimagining the future of energy storage. Anthro is an advanced materials company developing solutions to some of the biggest problems facing the battery-dependent electrified future. Spun out of Stanford and based in San Jose, Ca, Anthro has created high-performance batteries with structural integrity and total safety. Today, customers use their flexible batteries to create advanced wearable electronics and medical devices with unprecedented functionality. Tomorrow, Anthro's ruggedized batteries will safely enable an electrified future. Anthro is proudly supported by world-class investors and a wide range of government grants.
About Union Square Ventures
Union Square Ventures is a thesis driven venture capital firm based in New York City. A core thesis at USV is the Climate Thesis, focused on investing in companies and projects that provide mitigation for or adaptation to the climate crisis. As one of their three funds, USV manages the Climate Fund, focused on investing in bits and atoms targeting primarily Series A opportunities. For more information, visit https://www.usv.com/.
About Energy Revolution Ventures
Energy Revolution Ventures has established itself as one of the premier venture capital investors in pre-Seed, Seed & Series A+ start-ups, developing scalable technologies within the electrochemical ecosystem. ERV leverages years of experience of its shareholders turning energy and battery technologies into successful, publicly traded businesses. ERV has a deep understanding of the fundamental technology behind innovations as well as risks to scale and commercialisation. ERV is an active investor, supporting founders and innovators functionally and at the board level. For more information, visit http://www.er-v.io
Media Contact
David Mackanic, Anthro, 1 4084615632, [email protected]
SOURCE Anthro
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