Dec. 21, 2004 — Cymbet Corp., an Elk River, Minn.-based developer of thin film battery systems, announced it closed on a $16.5 million second round of funding. The company said it will use the proceeds for product development and marketing purposes.
The round was led by The IGNITE Group and Bekaert Group, and included new investors Dow Venture Capital and Intel Capital as well as individual investors. Existing investors Millennium Materials Technologies and Helmet Business Mentors Oy also participated.
The company’s thin film battery system is intended for use in ICs and new products for medical, sensor, RFID, communications and portable electronic devices. The company says its batteries can be integrated directly within ICs or built into the electronics they power.
Cymbet was founded in 2000 and previously raised $4.5 million in first round financing. It currently employs 20 people and plans to add 10 employees in the coming year.