Seeo, a California-based company that makes lithium polymer batteries, has closed a $17M round led by new investor Samsung Ventures, the investment arm of Samsung Group. Existing investors Khosla Ventures and GSR Ventures also participated. This brings the total Seeo has raised so far to $40.6 million. Seeo’s rechargeable lithium batteries are built using a proprietary non-flammable polymer electrolyte it calls “DryLyte,” which it claims is safer than traditional lithium-ion batteries.
Batteries offer perhaps the greatest opportunity for innovation in the technology realm. Whoever figures out a way to pack a bigger punch into a smaller space will undoubtedly make a lot of money, which perhaps explains why Seeo is seeing so much interest from investors. The Hayward, California-based company develops rechargeable lithium-ion batteries, and it has just announced the closure of a $17 million Series E round. But what’s perhaps most interesting about this deal is who’s putting up the cash. The round is being led by Samsung’s investment arm, Samsung Ventures, though earlier investors Khosla Ventures and GSR Ventures are also participating. Given Samsung’s lofty position in the consumer electronics space, it clearly has a vested interest in seeing better batteries come to the fore. But its involvement here isn’t so much about ensuring it can cram more juice into the next incarnation of its Galaxy smartphones.