Power Paper has completed a funding round worth $30m with the money aimed at finding new applications and further work on its cosmetic patches.
The Israeli firm is developing thin and flexible batteries that require no metal casing and can be printed onto paper, plastic or other substrates.
Its most promising application for commercial development is cosmetic patches, where the power source is claimed to improve delivery of skin treatments.
The firm has also worked with Swiss firm EM Electronic and iPico to produce an RFID tag that works from below 1GHz to 2.45GHz and can be read from a distance of 15m.
Investment came from Apax Partners, Clal Industries and Investments, Infinity Venture Capital Fund and previous investor Banc America Capital Partners.
“This investment is in line with the venture capital investment strategies of Apax Partners and Clal Industries and Investments, which focus on sizable investments in late-stage companies that, like Power Paper, have reached market-leader status," said Gal Hayut, director of Apax Partners.
In 2003 the firm raised $15m. The current investment takes the totola invested in the firm to nearly $60m.
Power Paper employs 80 people at its headquarters in Petah Tikva, outside of Tel Aviv.
www.powerpaper.com
www.power-id.com