Safire Technology Group announced $8 million in new financing led by Canaan Partners, with participation from Correlation Ventures, Higher Life Ventures, Ajinomoto, Automotive Ventures, Outpost Ventures, Potomac Angel Capital, and MaC Venture Capital. This Pre-Series A funding round brings total funding to $11 million, and fuels continued development of the company’s Safe, Impact-Resistant Electrolyte (SAFIRE) technology to transform the safety benchmarks of lithium-ion (Li-ion) batteries across government and automotive industries. And Canaan’s Hrach Simonian will join co-founders John Lee and Mike Grubbs on the board of directors.
SAFIRE is the world’s only patented and proprietary drop-in additive for Li-ion batteries that prevents fires through an instantaneous liquid-to-solid transformation on kinetic impact, such as an electric vehicle (EV) crash or other ballistic event. During an impact, Safire Group’s shear-thickening electrolyte technology enables the battery to resist deformation. It prevents a short circuit, offering EV makers lightweight crash protection and enabling Li-ion batteries to be used in novel ways.
Created after nearly a decade of research and development by the U.S. Department of Energy’s Oak Ridge National Laboratory (ORNL), SAFIRE is now deployed by the company in four distinct use cases across broad domains: a ruggedized electric motorcycle, a rapidly deployable sensor tower, an unmanned ground vehicle, and multifunctional body armor.
KEY QUOTES:
“We are grateful to have a highly regarded, deeply experienced, and values-aligned investor in Canaan, and we are eager to continue building Safire Group together.”
-Mike Grubbs
“Safire Group is revolutionizing Li-ion battery technology with a focus on safety. Their innovative solutions are addressing the critical issue of battery volatility and setting new standards in the industry. Safety should be intrinsic to battery design, not an afterthought. Safire Group’s commitment to redefining how these batteries are used in mobility and government applications promises to unlock unprecedented opportunities on a global scale.”
-Hrach Simonian, General Partner of Canaan Partners
“There is significant demand across the government to integrate SAFIRE technology into novel, ruggedized applications. This financing allows us to expand our operations in the Knoxville, Tennessee area, continue collaboration with ORNL, and further demonstrate the benefits of SAFIRE in government and automotive markets. We are excited about our partnership with Canaan and the opportunities it brings for the next stages of growth in deploying safety solutions for energy systems. Our focus remains on protecting people and critical assets while driving innovation in safety.”
-John Lee, CEO of Safire Group
