Safire Technology Group, Inc. has announced the successful raising of $8 million in new financing for its battery safety technology, led by Canaan Partners. Additional participants in this Pre-Series A round include Correlation Ventures, Higher Life Ventures, Ajinomoto Co., Inc., Automotive Ventures, Outpost Ventures, Potomac Angel Capital, and MaC Venture Capital. This infusion of capital brings the company’s total funding to $11 million and will support the ongoing development of its Safe, Impact-Resistant Electrolyte (SAFIRE™) technology.
Canaan’s General Partner, Hrach Simonian, will join Safire Group’s board of directors alongside co-founders John Lee and Mike Grubbs. “We are grateful to have a highly regarded, deeply experienced, and values-aligned investor in Canaan, and we are eager to continue building Safire Group together,” said Mike Grubbs.
“Safire Group is revolutionizing lithium-ion battery technology with a focus on safety,” commented Hrach Simonian. “Their innovative solutions address the critical issue of battery volatility and set new industry standards. Safety should be intrinsic to battery design, not an afterthought. Safire Group’s commitment to redefining battery use in mobility and government applications promises to unlock unprecedented opportunities globally.”
SAFIRE™ is the world’s only patented and proprietary drop-in additive for lithium-ion batteries that prevents fires through an instantaneous liquid-to-solid transformation upon kinetic impact, such as an electric vehicle crash or ballistic event. This shear-thickening electrolyte technology enables batteries to resist deformation and prevent short circuits, offering lightweight crash protection for electric vehicle manufacturers and enabling new applications for lithium-ion batteries.
Developed over nearly a decade of research at the U.S. Department of Energy’s Oak Ridge National Laboratory (ORNL), SAFIRE™ is currently being deployed in various applications, including a ruggedized electric motorcycle, a rapidly deployable sensor tower, an unmanned ground vehicle, and multifunctional body armor.
“There is significant demand across government sectors to integrate SAFIRE™ technology into novel, ruggedized applications,” said John Lee, CEO of Safire Group. “This financing allows us to expand our operations in the Knoxville, Tennessee area, continue our collaboration with ORNL, and further demonstrate the benefits of SAFIRE™ in the government and automotive markets. We are excited about our partnership with Canaan and the opportunities it brings for the next stages of growth in deploying safety solutions for energy systems. Our focus remains on protecting people and critical assets while driving innovation in safety.”
Source: PR Newswire
