Menlo Park, California-based venture capital firm The Westly Group has led a $15m financing in Ioxus, a manufacturer of ultracapacitor technology used in alternative energy, medical, industrial and consumer product markets.
“We are delighted to spearhead this round of funding for Ioxus at a time when the company and market are primed for dramatic global growth,” said Mike Dorsey, managing partner, Westly Group.
Additional investors include Northwater Capital Management, Braemar Energy Ventures, Energy Technology Ventures and Aster Capital.
The company said it plans to use the funds to further research and development, expand its manufacturing capabilities and increase sales and marketing operations.
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