Solicore secures $13 million

Aug. 7, 2003 — Solicore Inc., a Lakeland, Fla., provider of solid state battery technology, announced a $13 million first closing of its Series B round. The company expects to raise an additional $2 million with strategic investors.


Draper Fisher Jurvetson led the round. New investors Braemar Power and Communications Partners LP and Firelake Capital Management also participated, along with existing investors OPG Ventures Inc. and Hydro Quebec CapiTech Inc.


The company is developing batteries using a polymer electrolyte film that can be adapted to many shapes and designs, according to Alexei Andreev, a Draper Fisher research associate. Andreev said the technology offers greater flexibility and less degradation over time, both aspects that lend themselves particularly well towards active radio frequency identification (RFID) and smart card applications, as well as hand-held electronic devices.


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