Today StoreDot, a two-year-old Israeli tech company, announced the completion of a $42M Series B funding round. Its flash battery charges your phone in 30 seconds.
Today StoreDot, a two-year-old Israeli company that applies bio-organic nanotechnology to energy storage devices and mobile displays, announced the completion of a Series B funding round at the tune of $42M. Its StoreDot flash battery literally charges your phone in 30 seconds – and is cheap to make.
What does “bio-organic nanotechnology” really mean?
Well, StoreDot has created self-assembled nanomaterials, what they call “Nanodots,” based off of groundbreaking bio-organic elements that – because of their size and electrochemical attributes – can disrupt various technology markets, including battery recharging. The biological materials they use to create the Nanodots inside their StoreDot flash batteries and other products are natural and cost effective, making them both eco-friendly and much easier to scale than heavy metals.
If you’d like to get a better picture of the technology, feel free to watch this short video:
Other markets they expect to innovate include nano-medicine applications such as drug delivery, bio labeling, and food security. They also plan to implement Nanodots to enhance smartphones and TV screens, bio-LEDs, bio-lasers, and, not surprisingly, superfast Flash memory.
“We are excited to complete our latest round of funding which validates our projections that this novel technology has the potential to disrupt a number of industries,” Dr. Doron Myersdorf, StoreDot’s CEO, said in a statement. “This latest infusion of capital will support our continued innovation and enable us to commercialize both the fast charging battery for smartphones and our BioLED display.”
Singulariteam Ltd, an investment fund that focuses on early stage tech companies with disruptive potential, provided seed funding and Millhouse LLC, Russian businessman Roman Abramovich’s private asset management company, invested $10M. Genesis Angels has previously invested in StoreDot.
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