Wealth Club backed Anaphite EIS raises $13.7 million Series A round
In 2018, a chemist and a physicist with a passion to create advanced materials incorporating graphene launched Anaphite Limited and filed their first patent application.
Anaphite has since developed clean-technology with the potential to make electric-vehicle (EV) batteries substantially greener and cheaper to manufacture. The founders – chemist Sam Burrow and physicist Alexander Hewitt – and backers believe it could set the new global standard for EV battery electrode production.
Earlier this month, Anaphite announced it completed a Series A round raising $13.7 million (£10.4 million).
The round was co-led by World Fund, a leading European climate VC, and Maniv, a global early-stage VC investing in transportation decarbonisation and digitisation.
Existing investors Wealth Club and Elbow Beach Capital participated again in this round. Top climate investors, including Japan-based EEI (the only venture capital firm in Japan focusing exclusively on the environment and energy sectors) and Nesta (the UK's innovation agency for social good), also participated.
Anaphite's unique technology and smart, tenacious, market-savvy team are set to disrupt the global EV market. The team has already made breakthroughs in lithium-ion battery production, and their technology will be applicable to a wide range of new battery technologies, including sodium-ion and solid state. Anaphite has the potential for exponential growth, and we at World Fund are proud to be supporting them as they grow.
Craig Douglas, Partner at World Fund
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More about Anaphite
Anaphite’s technology addresses a crucial difficulty during the manufacture of lithium-ion batteries: how to dry-coat cathodes effectively. Anaphite’s proprietary chemical formulation creates dry coating precursor (DCP) powders that can be tailor-made for and ready-to-use in existing factory processes.
The technology potentially makes the manufacturing of EV batteries 30% less energy-intensive, up to 40% cheaper, and with 15% smaller factory footprint – seen as a significant breakthrough for the battery sector.
The Bristol-based company is already working with leading battery and car manufacturers to implement it. If adopted at scale worldwide, Anaphite's technology could save carmakers billions of dollars annually and drive down the cost of EVs for consumers – whilst reducing the carbon profile of EVs. It could thereby help accelerate the global adoption of EV cars, buses and other modes of electrified transport.
About the investment
The Series A round valued the company at over £26 million. This was at a discount to the previous round in which Wealth Club investors participated and many participated again to maintain or increase their holdings.
The new funds are expected to provide cash runway for nearly three years and help the Company significantly scale up production of its patented material. It should also be used to support extensive new hires and further R&D investment – with the aim to secure global car manufacturing clients and commercialise the technology at scale.
This funding will help Anaphite scale up and become a partner of choice for the global market. Li-ion battery electrodes have been produced at scale the same way for decades, and with the advent of the sustainable energy revolution, there is an acute hunger for change and improvement in the industry.
Alexander Hewitt, co-founder/COO, Anaphite
Anaphite's innovative approach could be game-changing and address critical challenges in the industry. The support from top investors like World Fund and Maniv is a great endorsement and highlights the significant confidence in Anaphite’s vision and capabilities. This funding could be instrumental in scaling up production. We first backed this company in 2022 and have been pleased with its commercial progress.
Gayle Bowen - Director, Wealth Club
Valuation history of Anaphite:
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