Advano, an advanced materials company in New Orleans, has secured $500,000 in seed funding from major investors around the U.S.
The firm said Thursday the investments were led by San Francisco-based Fifty Years VC and Social Impact Capital of New York City with support from the New Orleans Startup Fund.
Advano plans to use the funding to complete a lithium-ion battery prototype that includes the firm’s silicon-based battery material.
“Advano’s silicon nanoparticle technology has many potential applications, the most exciting of which is their ability to radically increase the performance of lithium ion batteries,” said Seth Bannon, managing partner of Fifty Years VC. “By doing so, Advano will help accelerate the transition from petroleum-based power to electric power.”
Developed at Tulane University, Advano is commercializing silicon nanoparticle manufacturing technology to enhance the energy density of lithium-ion batteries. That could help electric vehicles, wearable electronics and clean energy storage.
The firm has plans to hire more scientists and engineers from the metro area in the near future, and recruit outside talent as well, according to a news release announcing the funding.
(Originally posted on New Orleans City of Business here.)