Illumion Revolutionizes Battery Tech with £2.1m Seed Funding
Deal News | Dec 04, 2024 | Business Cloud
Illumion, a spinout from the University of Cambridge, has secured £2.1 million in seed funding to advance its optical imaging technology for battery development. Founded in 2022 by Dr. Christoph Schnedermann and Dr. Alice Merryweather, Illumion aims to revolutionize the battery industry by providing rapid insights into material behavior during charge cycles without destructive testing. The investment, led by Foresight Group’s ventures team with participation from Cambridge Enterprise, Parkwalk Advisers, and Cambridge Angels, will support team expansion, software development, and market exploration. With the increased reliance on energy storage and renewable energy sources, Illumion's charge photometry promises to enhance the efficiency of battery R&D, enabling quicker and more informed development of diverse battery chemistries. Foresight’s Andy Bloxam, joining Illumion’s board, praised the groundbreaking technology and its potential impact on the industry.
Sectors
- Manufacturing
- EnviroTech
Geography
- United Kingdom – The article pertains to Illumion, a spinout from the University of Cambridge in the UK, and focuses on the investment activities within the UK.
Industry
- Manufacturing – Illumion's technology is poised to transform how batteries are developed and manufactured, signifying shifts in battery production processes.
- EnviroTech – The company focuses on enhancing battery technology, a crucial component in enabling renewable energy use and storage, impacting environmental technology.
Financials
- £2.1 million – The total seed funding amount raised by Illumion during the investment round.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Illumion | Target Company | Company | A University of Cambridge spinout focused on advancing battery technology through charge photometry. |
| Foresight Group | Lead Investor | Company | A venture capital firm leading the seed funding round for Illumion. |
| Cambridge Enterprise | Investor | Company | An investor and supporter of Illumion's funding round. |
| Parkwalk Advisers | Investor | Company | Part of the investment team providing seed funding to Illumion. |
| Cambridge Angels | Investor | Company | An additional investor participating in Illumion’s seed funding round. |
| Dr. Christoph Schnedermann | CEO | Person | CEO and co-founder of Illumion, playing a key role in its development and funding. |
| Dr. Alice Merryweather | Lead Scientist | Person | Lead scientist and co-founder at Illumion, contributing to the development of charge photometry. |
| Professor Dame Clare Grey | Co-founder | Person | Co-founder and part of the research team at the Yusuf Hamied Department. |
| Professor Akshay Rao | Co-founder | Person | Co-founder and part of the research team at the Cavendish Laboratory. |
| Andy Bloxam | Non-executive Director | Person | Managing director for Foresight's ventures team who will join Illumion’s board. |