Feasible Rebrands As Liminal, Raises $8 Million In Series A Funding To Accelerate The Global Transition To Electric Vehicles
Apr 6, 2022
Feasible, a Chrysalix portfolio company and leading battery manufacturing intelligence company, announces the closure of its $8 million Series A financing round, co-led by Good Growth Capital (GGC) and The University of Tokyo Edge Capital Partners (UTEC), with participation from Volta Energy Technologies, Helios Capital Ventures, and Impact Science Ventures; and continued support from Series Seed lead investor Chrysalix Ventures, Elemental Excelerator, and Incite.org. This funding will be used to accelerate and expand product deployment to battery manufacturers and automakers who are focused on improving electric vehicle battery cost, performance, and reliability.
This funding coincides with the announcement of a new name — Liminal — which speaks to the power of the transition to electric vehicles and clean energy, and the crucial role that battery manufacturing intelligence plays in enabling that process.
“At Liminal, we are working toward a clean energy future in which everyone who wants an EV can afford one. There are a lot of advancements that need to work together to get us there. Still, one critical piece that our technology solves for is enabling the production of lower-cost, higher-performing, and more reliable batteries,” said Andrew Hsieh, Liminal’s co-founder and CEO. “The Series A funding is propelling our products into the marketplace as automakers strive to scale up e-mobility quickly.”
Amid significant EV market growth, recalls tied to battery volatility have caused speedbumps in the shift to e-mobility and setbacks for automakers and manufacturing companies.
“The EV battery manufacturing industry needs to grow by at least 15 times in the next decade to meet projected demand. While we’re excited to see the EV industry surging, battery shortfalls and recalls can be devastating. By detecting upstream issues at their source through each stage of the battery manufacturing process, Liminal’s technology creates value by enabling new EV battery manufacturers to come online faster and produce with significantly improved accuracy and safety,” said Maureen Stancik Boyce, PhD at Good Growth Capital.
“We see a big opportunity for Liminal to empower its customers with rich data and insights to solve problems before they start. Our focus is to collaborate with battery manufacturers and automakers who share our drive to be at the forefront of meeting this global need,” Hsieh said. “We aim to accelerate product market adoption by collaborating with fast-moving customers who see battery process engineering and production innovations as a competitive advantage.”
Liminal’s battery intelligence platform, EchoStat®, leverages proprietary ultrasound and machine learning analytics technology for advanced battery inspection throughout manufacturing stages. The non-destructive ultrasonic inspection provides a detailed look inside battery cells, offering a better understanding of the physical environment during the production process.
“We believe Liminal’s product will bring significant, recurring value in our battery process engineering and production, offering a competitive edge for our next generation battery cells,” said Ali Firouzi, VP Technology at Natron Energy.
“Andrew has assembled a truly global shareholder team to solve what is a world problem in battery manufacturing. We’re betting on Andrew and his executive team’s vision to solve one of the greatest barriers to clean mobility,” said Keisuke Ide, Partner at UTEC. “Liminal has demonstrated a lot of promise to manufacturers who are looking to optimize.”
“Working with Liminal gives us a competitive edge as the EV industry grapples with growing pains and recalls. We welcome Liminal’s focus on manufacturing-stage solutions and believe their technology is very promising in different steps of the process,” said Stefan Holzhauer, Director Technology Partnerships for Digital Industries at Siemens.
“At Liminal, we believe the energy transition can’t wait. There’s no time to waste. Our team drives us to shape a sustainable future and save our planet. To achieve this, EVs must become the default option for any driver. We’re excited to collaborate with innovative customers who share our belief that optimizing battery efficacy is an essential step toward solving the climate problem,” Hsieh said.