I-TEN, a firm specialized in solid and rechargeable micro-batteries, announced today the closing of a sizeable €10 million Series B financing round with a group of new investors led by Eren Groupe and Habert Dassault Finances, and with its longstanding investors since 2014, the funds managed by Demeter Partners, Innovacom and Kreaxi.
The funding consists of two stages: a first tranche of €6 million and a second tranche of €4 million to follow in a few months.
Founded by Fabien Gaben in 2011, I-TEN is a young company made up of 15 employees, based in Lyon, that has designed, and developed rechargeable and all solid-state micro-batteries, manufactured with ceramics layers just a few microns thick. I-TEN’s proprietary technologies have numerous applications, including an ability to operate in harsh environments and use for SMD assembly (“Surface Mount Devices”) in electronics circuit boards.
Key strengths of I-TEN’s micro-batteries lie in a unique combination of value added characteristics:
The first tranche financing will allow I-TEN to industrialize its first generation of revolutionary micro-batteries with high-profile clients in several key markets such as watches, sensors, Internet of Things, healthcare, security, defence and numerous important electronic applications (including “back-up” and “always-on” functions, power supply, smart cards, etc.). The second tranche will be used mainly to fund the development of I-TEN’s new generations of micro-batteries and new formats tailored to a large spectrum of uses.
I-TEN’s technologies are protected by several patent families and were developed with the support of several leading research organizations in France, including ENS in Lyon and the University of Burgundy.
I-TEN has twice won the international French “World Innovation Contest”, in 2015 and in 2017, and as a result, enjoys financial support from BPI France and potential funding from the €150 million Government fund dedicated to its “Investment Program for the Future”.
Fabien Gaben, I-TEN founder and CEO
“I am very happy that we have reached this new step in I-TEN’s development. Our shareholders’ support together with prestigious new investors and our second award in the World Innovation Contest, confirm the success of our technology and our achievements to date. Every day, we receive a large number of requests for very innovative applications, which prove the great variety of potential uses for our micro-batteries. Thanks to leading industrial partners who will validate our products, I am confident we will achieve our ambition to be a reference point in the energy storage industry.”