BMW, Lear, Bosch again $250M funding for startup that goals to interchange conventional wire harnesses
CelLink, a California startup with a pathbreaking product that replaces traditional wiring harnesses, mentioned it has closed a $250 million funding spherical backed by a number of giant auto trade gamers.
CelLink has developed a brand new methodology of connecting battery cells and packs, and transferring energy and knowledge throughout automobile sensors, modules and digital management items, in response to the corporate. Based in 2011 and primarily based in San Carlos, CelLink has been scaling up manufacturing of its light-weight versatile circuits since 2019.
A single large-area “flex harness” can mix the features of a number of conventional wiring harnesses, the corporate mentioned Wednesday. This might considerably scale back weight, mass and value, whereas enabling extra automated and modular automobile meeting, it mentioned.
“We’re in a whole lot of 1000’s of electrical automobiles now,” CEO Kevin Coakley mentioned in an interview.
Whereas he declined to specify which automobile producers are utilizing CelLink flex harnesses, Tesla is the one U.S. carmaker that has produced that many EVs.
CelLink, which has raised about $315 million, mentioned the newest funds will likely be used to construct a manufacturing facility in Georgetown, Texas, that may open later this yr.
“We’re constructing a 25-line manufacturing facility (there) and all these traces are spoken for,” Coakley mentioned.
Finally, he mentioned, CelLink expects to seek out purposes for its merchandise in industrial automobiles, agriculture, army and aerospace.
Strategic traders within the new spherical embody BMW iVentures, Lear Corp, Robert Bosch Enterprise Capital and 3M, all of which had invested beforehand. One other early investor, Ford Motor Co., didn’t be a part of the newest spherical.
The Sequence D spherical was led by Boston hedge fund Whale Rock Capital and joined by T. Rowe Worth, Constancy Administration, D1 Capital Companions, Commonplace Investments and Atreides, in addition to present traders Fontinalis Companions, Franklin Templeton and Tinicum Enterprise Companions.