StoreDot, a company that uses bio-organic technology to make ultrafast charging batteries, has just raised $42 million in new funding.
StoreDot has discovered self-assembling nanodots from organic materials that can be used to make a new kind of batteries. The company first showed off its prototype last April, and will now use the new funding to further refine and commercialize its battery technology, beef up its teams, and begin developing new products in its new research facility in Herzliya, Israel.
StoreDot’s technology could also help improve current smartphone and TV display technologies, flash memory, bio-LEDs, bio-lasers, drug delivery, food security, and bio labeling, among other things.
The new funding comes from several investors, including $10 million from Roman Abramovich’s private asset management company, Millhouse Capital.
StoreDot was founded in 2012 by Gil Rosenman, Simon Litsyn, and Doron Myersdorf, and is based in Tel Aviv, Israel. The company previously raised $6 million from Singulariteam and Genesis Angels.