Imperial in £30m funding round for Nexeon
Imperial Innovations has committed £5m to a £30m funding round for portfolio company Nexeon, a producer of materials for use in rechargeable batteries.
Upon completion of the deal, the VC will hold a 33.7% stake in the company, having invested a total of £22.4m.
The latest round will enable Nexeon to build a new development facility in Asia, invest in product development and make intellectual property acquisitions. It will also begin the process of investing in a larger manufacturing facility.
Other participants in the round included existing backer Invesco Asset Management and new investor Woodford Investment Management.
Previous funding
Imperial contributed £15m to a £40m series-C round for the business in August 2011. The investment was earmarked for scaling up production of Nexeon's silicon anode materials to commercial levels.
Company
Founded in 2005 and headquartered in Abingdon, Nexeon develops materials for use in rechargeable batteries. Its products are used in smartphones, electric vehicles and renewable energy storage facilities.
People
Imperial – Russ Cummings (CEO).
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