Portfolio Update

Chrysalix Portfolio Company Liminal Raises $17.5 Million In Series A2 Funding To Catalyze Production Of Safe, Reliable, High-Quality EV Batteries

Feb 6, 2023

Chrysalix portfolio company Liminal, a battery manufacturing intelligence company, announces a $17.5 million Series A2 funding round, led by climate tech fund ArcTern Ventures, joined by new investors Northvolt and Ecosystem Integrity Fund, and with continued support from Chrysalix Venture CapitalGood Growth CapitalUniversity of Tokyo Edge Capital PartnersVolta Energy TechnologiesImpact Science Ventures, and Helios Climate Ventures. Liminal will use this funding to scale its EchoStat® inspection systems into factory-integrated solutions for global battery manufacturers, tapping into the rapidly growing demand for safe, reliable, and more affordable EV batteries.

“Our mission is to catalyze a clean energy future in which EVs are the default option for everyone,” said Liminal CEO and Co-Founder, Andrew Hsieh. “Our products help battery manufacturers hit their aggressive production volume and cost targets, while ensuring their cells meet stringent EV safety and performance requirements. As we deploy our first factory-integrated solutions, we are excited to be joined by top tier climate investors and one of the most promising global battery manufacturers. This syndicate demonstrates significant and accelerating progress towards our goal of facilitating a clean energy future.”

ArcTern Partner and U.S. Department of Energy C3E award winner Mira Inbar will join Liminal’s Board of Directors. Inbar spent about two decades building clean energy businesses before joining ArcTern. She has direct experience scaling a battery manufacturing company while at Dow Kokam, Dow Chemical’s joint venture for battery cell manufacturing.

“Most battery innovation to date has focused on material science,” Inbar said. “However, the industry needs a larger focus on process and manufacturing innovations to ensure both affordability and safety. Liminal is the only company that we see effectively bridging that critical gap.”

In 2022, Liminal launched its automated EchoStat platform — the only in-line, high-speed ultrasound inspection solution engineered specifically for EV-grade batteries. The platform provides battery cell manufacturers and auto OEMs with previously unavailable insights allowing them to commercialize and reduce time to market.

“Northvolt’s intention is to accelerate the transition to a sustainable and electrified society. Ensuring high-quality cells through cost-competitive technology innovation is what this investment is about. Northvolt’s participation in this round will contribute to the scale-up and industrialization of Liminal’s solutions by combining the unique skill sets of the two companies,” said Paolo Cerruti, co-founder and chief operating officer at Northvolt, a leading European supplier of sustainable, high-quality battery cells and systems. “After successfully evaluating Liminal’s solutions at Northvolt Ett, our first high-volume manufacturing facility, we have expanded our relationship to become investors in order to accelerate the company’s future innovations.”

The funding will also support product industrialization and manufacturing, significant team growth, and international expansion.