Beff adds approximately ¥300m in Series A final close
The additional equity brings the battery development company’s Series A to about ¥750m, with two new investors joining the financing.
Completing the Series A
The October close follows the ¥450 million first close announced in September. Together they bring this Series A to approximately ¥750 million; Beff reports ¥950 million in lifetime funding. Genesia Ventures led the broader round, whose earlier investors included Mitsubishi UFJ Capital.
The new subscribers are Sumisho Venture Partners and JM Strategic Innovation Fund, the JA Mitsui Leasing group’s venture fund managed by Spiral Innovation Partners. Sumisho said it would support Beff’s international expansion through cooperation with the Sumitomo Corporation group.
That backing supports a business combining battery-development software with laboratory work. The company’s challenge is to make manufacturing knowledge reusable as customers move from laboratory development into commercial production.
Use of funds
Recruit international talent
Expand the company laboratory
Develop the battery manufacturing platform and customer support