|By Business Wire||
|June 9, 2014 12:00 PM EDT||
Caerus Ventures, a South Florida venture capital firm focusing on early-stage investments today announced that it led a $3M Series A Round investment in Paper Battery Company.
Paper Battery Company, based in Troy, N.Y., has developed a proprietary, patented and scalable technology that enables it to produce ultra-thin, flexible ultracapacitors. Paper Battery’s ultracapacitors can dramatically increase the battery life, thermal efficiency, and signal effectiveness of electronics devices such as smartphones, tablets, wearables, remote servers and Internet of Things products while also reducing the bill of materials cost.
The financing will be used to scale from the existing pilot production line to commercial manufacturing and achieve first sales revenues in 2015. In the last eight months, the company has installed a new pilot line facility, launched a commercial partnership with a battery pack manufacturer in Asia and signed a test and evaluation contract with a potential large customer in consumer electronics. PowerPatch™ product prototypes have been validated by customers, partners, and strategic investors, and progress towards commercial production is driven by confirmed interest from these parties.
Gregory Borchardt, Managing Director of Caerus Ventures, and a veteran of the consumer electronics industry, said, “In all my years of developing consumer products, I am most excited about the impact that this breakthrough technology will have in augmenting or replacing lithium-ion batteries and making products more energy efficient, from the smallest smartphones, to servers and automotive batteries. This company’s product platform is showing that you can be all three -- cheaper, faster and better -- a mantra for the electronics industry.”
The Paper Battery Company’s CEO, Shreefal Mehta, said, “This capital round will allow the company to scale production and rapidly bring to market novel pulse-power management solutions building on its ultrathin ultracapacitors. Customers have shown keen interest in the demonstrated cost-saving and performance-enhancing value proposition of offering multi-function solutions with scalable voltage and energy in a single thin package.”
Other investors in this round include Tylt Labs, a strategic investor with strong market knowledge and supply chain infrastructure in consumer electronics, and luminary energy and materials venture capitalist, Tom Baruch.
About Caerus Ventures
Headquartered in West Palm Beach, FL, Caerus Ventures is an emerging venture capital fund manager focused on investing in early-stage consumer-facing technology companies. Caerus seeks companies with proven management teams, strong patent portfolios and compelling products. Caerus’ focus industries include: software, hardware, consumer products, IT, the Internet of Things, and payments. Caerus has extensive networks in the industries in which it invests, resulting in a strong pipeline of deal flow, and the ability to introduce its portfolio companies to business development opportunities. Caerus recently held a first close of Caerus Investment Partners Fund I. The fund currently has four investments in its portfolio and will have a final close during the first quarter of 2015. www.caerusvc.com
About Paper Battery Company
The Paper Battery Company has designed a game changing ultrathin ultracapacitor with industry leading peak power performance. The company’s first product line, PowerPatch™, provides scalable voltage, energy and power in a single, ultrathin package. The long life, environmentally-friendly device works with existing lithium batteries, reducing waste, enhancing performance and can be designed in as a structural component to fit in or around the tight confines of portable electronic components. The enabling ultrathin form factor of the high-power ultracapacitor sheets has a transformative impact on power management and battery performance in computing and electronics applications. The company’s innovative business model and technology garnered recognition as a TIE50 2013 awardee and multiple competitive awards from NY State Energy and Research Development Authority. www.paperbatteryco.com