Today StoreDot, a two-year-old Israeli tech company, announced the completion of a $42M Series B funding round. Its flash battery charges your phone in 30 seconds
Today StoreDot, a two-year-old Israeli company that applies bio-organic nanotechnology to energy storage devices and mobile displays, announced the completion of a Series B funding round at the tune of $42M. Its StoreDot flash battery literally charges your phone in 30 seconds – and is cheap to make.
What does “bio-organic nanotechnology” really mean?
StoreDot has created “Nanodots,” which are atomic-scale containers capable of holding data and connecting to create larger structures. Nanodots are derived from bio-organic materials and thanks to their size, have increased electrode capacities and electrolyte performance. The Nanodots are chemically synthesized bio-organic peptide molecules that can change the capabilities of wireless devices, such as charging batteries in seconds rather than hours.
The biological materials they use to create the Nanodots inside their StoreDot flash batteries and other products are natural and cost effective, making them both eco-friendly and much easier to scale than heavy metals.
Other markets they expect to innovate include nano-medicine applications such as drug delivery, bio labeling, and food security. They also plan to implement Nanodots to enhance smartphones and TV screens, bio-LEDs, bio-lasers, and, not surprisingly, superfast Flash memory.
“We are excited to complete our latest round of funding which validates our projections that this novel technology has the potential to disrupt a number of industries,” Dr. Doron Myersdorf, StoreDot’s CEO, said in a statement. “This latest infusion of capital will support our continued innovation and enable us to commercialize both the fast charging battery for smartphones and our BioLED display.”
Singulariteam Ltd, an investment fund that focuses on early stage tech companies with disruptive potential, provided seed funding and Millhouse LLC, Russian businessman Roman Abramovich’s private asset management company, invested $10M. Genesis Angels has previously invested in StoreDot.
You can check out how the StoreDot flash battery works through this video:
Israeli nanotech explodes because of the country’s heavy investment in R&D
From turning jellyfish into paper towels, to smelling bombs, to killing cancer with nanorobots, Israel has produced a lot of promising nanotechnology lately. In 2006, Israel’s Office of the Chief Scientist decided to develop nanotech centers at six universities. Since then, more than 7,000 Israeli papers and 850 patents have been published in the field and dozens of nanotech startups have launched, putting Israel only behind Silicon Valley and Boston in its heavy concentration of nanotech startups.
As long as Israel continues to invest in its universities’ cutting edge R&D, we do not see this trend subsiding any time soon.