CelLink has developed a brand new methodology of connecting battery cells and packs, and transferring energy and information throughout automobile sensors, modules and digital management items, in accordance with the corporate.
View PhotosStrategic buyers within the new spherical embrace BMW iVentures, Lear Corp, Robert Bosch Venture Capital & 3M
CelLink, a California startup with a pathbreaking product that replaces conventional wiring harnesses, has closed a $250 million funding spherical backed by a number of massive auto trade gamers, the corporate stated on Wednesday. CelLink has developed a brand new methodology of connecting battery cells and packs, and transferring energy and information throughout automobile sensors, modules and digital management items, in accordance with the corporate. Founded in 2011 and primarily based in San Carlos, CelLink has been scaling up manufacturing of its light-weight versatile circuits since 2019.
A single large-area “flex harness” can mix the capabilities of a number of conventional wiring harnesses, the corporate stated. This might considerably cut back weight, mass and value, whereas enabling extra automated and modular automobile meeting, it stated.
“We’re in hundreds of thousands of electric vehicles now,” Kevin Coakley, chief government and co-founder, stated in an interview.
While he declined to specify which automobile producers are utilizing CelLink flex harnesses, Tesla is the one US carmaker that has produced that many electrical autos.
CelLink, which has raised about $315 million, stated the most recent funds will likely be used to construct a manufacturing unit in Georgetown, Texas, that may open later this yr.
“We are building a 25-line factory (there) and all those lines are spoken for,” Coakley stated.
Ultimately, he stated, CelLink expects to seek out functions for its merchandise in industrial autos, agriculture, navy and aerospace.
Strategic buyers within the new spherical embrace BMW iVentures, Lear Corp, Robert Bosch Venture Capital and 3M, all of which had invested beforehand. Another early investor, Ford Motor, didn’t be a part of the most recent spherical.
The Series D spherical was led by Boston hedge fund Whale Rock Capital and joined by T. Rowe Price, Fidelity Management, D1 Capital Partners, Standard Investments and Atreides, in addition to current buyers Fontinalis Partners, Franklin Templeton and Tinicum Venture Partners.
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With inputs from NDTV
