Strategic investors back startup CelLink’s $250 million funding round

Neostellar Capital

16/02/2022 14:00

By Paul Lienert
    Feb 16 (Reuters) - CelLink, a California startup with a
pathbreaking product that replaces traditional wiring harnesses,
has closed a $250 million funding round backed by several large
auto industry players, the company said on Wednesday.
    CelLink has developed a new method of connecting battery
cells and packs, and transferring power and data across vehicle
sensors, modules and electronic control units, according to the
company. Founded in 2011 and based in San Carlos, CelLink has
been scaling up production of its lightweight flexible circuits
since 2019.
    A single large-area "flex harness" can combine the functions
of several traditional wiring harnesses, the company said. This
could significantly reduce weight, mass and cost, while enabling
more automated and modular vehicle assembly, it said. 
    “We’re in hundreds of thousands of electric vehicles now,”
Kevin Coakley, chief executive and co-founder, said in an
interview.
    While he declined to specify which vehicle manufacturers are
using CelLink flex harnesses, Tesla  TSLA.O  is the only U.S.
carmaker that has produced that many electric vehicles.
    CelLink, which has raised about $315 million, said the
latest funds will be used to build a factory in Georgetown,
Texas, that will open later this year.
    “We are building a 25-line factory (there) and all those
lines are spoken for,” Coakley said.
    Eventually, he said, CelLink expects to find applications
for its products in commercial vehicles, agriculture, military
and aerospace.
    Strategic investors in the new round include BMW  BMWG.DE 
iVentures, Lear Corp  LEA.N , Robert Bosch  ROBG.UL  Venture
Capital and 3M  MMM.N , all of which had invested previously.
Another early investor, Ford Motor  F.N , did not join the
latest round.
    The Series D round was led by Boston hedge fund Whale Rock
Capital and joined by T. Rowe Price, Fidelity Management, D1
Capital Partners, Standard Investments and Atreides, as well as
existing investors Fontinalis Partners, Franklin Templeton and
Tinicum Venture Partners.

 (Reporting by Paul Lienert in Detroit; Editing by David
Gregorio)
 ((Paul.Lienert@thomsonreuters.com; mobile +1 313-670-2452;))