On August 12, 2024, Gaussion, a University College London (UCL) spinout, announced securing $12 million in Series A funding. This innovative company is set to transform battery charging technology, addressing one of the most pressing challenges in electric vehicle (EV) adoption.

The Funding Round

Autotech Ventures led the investment round, with additional support from existing investors BGF and the UCL Technology Fund, managed by AlbionVC in collaboration with UCL Business. This latest raise follows a seed round of £2.85 million in 2022, led by BGF and UCL Technology Fund.

Innovative Technology

Gaussion has developed a groundbreaking solution that enhances battery performance using an external magnetic field during charge and discharge cycles. This approach enables rapid charging by steering ions within existing battery cells while also reducing cell degradation and extending battery life.

Addressing Industry Challenges

The EV industry has long struggled with the limitations of rapid charging under traditional electrochemistry, which can unpredictably damage cells. Gaussion's technology offers a viable alternative to overcome these persistent hurdles in EV adoption, especially as vehicle owners increasingly demand the same convenience as ICE vehicles, including fast "refueling."

Wide-Ranging Applications

Gaussion's innovation holds promise for various applications beyond EVs, including construction equipment, mining operations, residential energy storage, and utility-scale energy storage for load and phase balancing.

Investor Perspective

Alexei Andreev, Co-founder and Managing Director at Autotech Ventures, shared his enthusiasm for the investment on LinkedIn. Andreev, known for his deep-tech investment background, highlighted the disruptive nature of Gaussion's IP-heavy innovation. He emphasized the company's ability to dramatically increase the mobility of Li+ ions inside off-the-shelf battery cells and dissolve dendrites, setting Gaussion apart in a field where most VC-funded companies focus on traditional battery components. On the other hand, David Grimm, Partner at UCL Technology Fund, emphasized the significance of Gaussion's solution, stating, "Slow charging speed and battery degradation are currently limiting the wide-scale adoption of electric vehicles and the broader energy transition." He expressed confidence in the company's potential to address these critical issues.

The Minds Behind the Innovation

Gaussion's co-founders, Dr. Tom Heenan (CEO) and Dr. Chun Tan developed this innovative solution from their university labs into a scaling company. Heenan highlighted the technology's potential: “Magnetic enhancement could provide step-change improvements across all chemistries, formats, and applications, affordably unlocking electrification without compromising cost or performance."

Future Plans

The new funding will enable Gaussion's market entry, which includes producing and selling its products and potentially licensing its technology for other applications. With a global portfolio of patents and patent applications, Gaussion is well-positioned to revolutionize the battery industry.

Gaussion's successful Series A funding round marks a pivotal moment in battery technology advancement. By introducing a novel approach to battery performance enhancement, the company is well-positioned to address critical challenges in the EV industry and beyond, potentially accelerating the global transition to sustainable energy solutions.