Silatronix secures venture funding

Silatronix secures venture funding

silatronixSilatronix, a Madison-based startup working to make lithium ion batteries safer and more efficient, has secured $2.8 million in venture funding.

Silatronix was the first company in a program started in 2008 by Venture Investors, a Madison venture capital firm located in University Research Park.

Madison startup lands venture funding

By Kathleen Gallagher, Milwaukee Journal Sentinel

Silatronix Inc., a Madison start-up that is aiming to make lightweight lithium ion batteries much more efficient and safe, has raised $2.8 million, according to a filing the company made with federal securities regulators.

The funding is part of a proposed $4.2 million round Silatronix is trying to raise, according to the filing.

Lithium ion batteries are used in cellphones, power tools, electric cars, airplanes, ships and other areas. Siltronix views itself as a chemical company that produces electrolytes made with organosilicon compounds — materials containing carbon-silicon bonds. It is marketing its electrolytes to battery makers to help make their batteries and capacitors more efficient and environmentally friendly, Silatronix Chief Executive Mark Zager said. Read more …