Lyten, Inc, a pioneer in 3D graphene decarbonizing supermaterials, has successfully raised $200 million in its Series B funding round, which was oversubscribed. The company intends to utilize this funding to expand its manufacturing capabilities and commercialize its first three product lines: Lithium-Sulfur batteries, lightweight composites, and next-generation IoT sensors.
The Series B round is led by Prime Movers Lab, a venture capital firm with a focus on investing in breakthrough scientific startups, boasting $1.2 billion in assets under management. This round also sees significant participation from strategic investors and sector leaders, including Stellantis, FedEx Corporation, Honeywell, and Walbridge Aldinger Company. Additional contributions from strategic, venture capital, and individual investors complete the funding round.
This latest investment round brings Lyten’s total equity funding to over $410 million since its establishment in 2015.
Lyten’s CEO, Dan Cook, expressed excitement about the Series B investors, emphasizing their commitment to aggressive net-zero targets across various industries. Cook stated, “Our investors provide more than financial resources; they provide guidance and expertise to help ensure Lyten applications address the critical needs of a wide range of industries, including automotive, transportation, defense, aerospace, manufacturing, energy, and construction.”
Lyten’s primary mission is to develop a materials platform capable of delivering innovative applications that enable major greenhouse gas-emitting sectors to achieve net-zero emissions without compromising performance, profitability, or customer experience. They believe that their 3D Graphene technology can overcome materials limitations in various industries, contributing to gigaton-scale decarbonization efforts.
Zia Huque, General Partner at Prime Movers Lab and a member of Lyten’s Board of Directors, highlighted the company’s uniqueness in combining novel materials technology with a talented management team. He praised Lyten’s first three applications—Lithium-Sulfur batteries, composites, and IoT sensors—as game-changers for some of the world’s largest industries.
Lyten recently inaugurated its first automated pilot plant for Lithium-Sulfur batteries in San Jose, California, with plans to begin commercial cell production by the end of 2023. They aim to ship these batteries to early adopters in early 2024. Lyten also plans to break ground on scaled-up 3D Graphene and Lithium-Sulfur battery manufacturing facilities in the United States in 2024. Their goal is to create domestically sourced and manufactured Lithium-Sulfur batteries with higher energy density than lithium-ion batteries, all while eliminating the need for NMC (nickel, manganese, cobalt) or graphite.
Carlos Tavares, CEO of Stellantis, expressed how Lyten’s materials platform aligns with their goal of deploying innovative, customer-centric technologies to accelerate mass-market EV adoption and reduce vehicle weight, essential steps in achieving carbon net-zero objectives.
Lyten is actively collaborating with industry leaders, including Stellantis, FedEx, and the U.S. Government, to bring new products to market, such as lightweight composites and ultra-high sensitivity sensing networks in automotive, logistics, aviation, and defense sectors. Their aim is to deliver their first commercial composites application to customers by the end of the year.
Lyten’s 3D Graphene and its applications are currently produced on its 145,000-square-foot campus in Silicon Valley, and the company is actively exploring expansion opportunities both within the United States and internationally. The company is committed to establishing fully domestic supply chains and manufacturing processes, with a particular focus on creating the lowest carbon footprint EV battery on the market.