A UK battery materials startup founded by a former chess champion has raised £4.65m in a seed round, it said today. TaiSan, which operates out of a Cambridge battery lab, builds next-generation sodium batteries for electric bikes, scooters, vehicles and power tools.
It says its tech makes batteries that are more efficient than existing sodium-ion and lithium-ion battery rivals.
The seed round was co-led by Eos Advisory and the Midlands Engine Investment Fund II through fund manager Mercia Ventures. AFI Ventures, EverQuest Capital Partners, Adeline Arts & Science, Techmind and existing investors InnoEnergy, TSP Ventures, Exergon, and Heartfelt also participated in the round.
Of the total raised, £700,000 came from Innovate UK, which provided grant funding through its Investor Partnerships Programme, the startup said.
The startup has previously raised €1.7m in pre-seed funding. TaiSan says it will use the funding to advance its technology and begin pilot tests with manufacturers.
