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Batteries - Thursday, December 23, 2004

Cymbet - Profile

HQ: Elk River, MN

Founded: 2000

Management: CEO is Bill Priesmeyer who was SVP and Chief Financial Officer of Jostens, the biggest supplier of graduation rings and gowns. Let's hope he has the battery lingo down cold by now.

Investors: In December 2004, Cymbet raised $16.5M led by The IGNITE Group and Bekaert, and included new investors Dow Venture Capital, and Intel Capital. Series A in 2001 was for $4.5M.

Business Model: Cymbet designs "application specific" batteries that provide users with lightweight, high power solutions. The technology can be applied to integrated circuits, and eventually, new products for medical, sensor, radio frequency identification (RFID), communications and portable electronic devices. The company licensed 15 patents from Oak Ridge National Laboratory.

Competitors: Excellatron, Front Edge Technology, Infinite Power Solutions.

Dirt: Intel has made some funny investments in the past but we suspect they know good battery technology when they see it. Given that battery shortcomings are the biggest roadblock to a more wireless world, we suspect that VC firms are underfunding companies in this sector.