GM Leads $17M Envia Round
Wade Roush1/26/11
Envia Systems, a Newark, CA-based startup developing cathodes for high-capacity lithium ion batteries for electric and hybrid vehicles, said today (PDF) that it has raised $17 million in Series C financing. General Motors’ venture investment wing, GM Ventures, put $7 million into the deal; the rest came from new investors Asahi Kasei and Asahi Glass and existing investors Bay Partners, Redpoint Ventures, and Pangaea Ventures. In a separate announcement, Envia said that it has started shipping sample quantities of its manganese-rich cathode material for testing by potential customers. As part of its investment, GM has secured rights to use the material.
