California-based Lyten, the developer of a proprietary materials platform called Lyten 3D Graphene, has secured $200 million in series B funding to scale manufacturing and commercialise its three product lines: lightweight composites, lithium-sulphur batteries for electric vehicles, and Internet of Things (IoT) sensors.
In November 2022, the company launched a new polymer composite product line called LytR, a polyethylene formulation infused with a proprietary, carbon-based material called Lyten 3D Graphene that significantly reduces weight while maintaining product strength and durability.
Lyten said in a statement that it expects to deliver its first commercial composites applications to customers by year-end. It is working with automobile manufacturing company Stellantis, transport company FedEx, the U.S. government, amongst others, to develop new products for automotive, logistics, aviation, and defence applications.
The series B funding round, which is the second round of funding for a business through investment, including private equity investors and venture capitalist, is led by Prime Movers Lab, a venture capital firm focused on investments in breakthrough scientific start-ups. Other investors include Sellantis, FedEx Corporation, Honeywell, and The Walbridge Group. This latest round of funding brings total equity investment in Lyten to more than $410 million since the company was founded in 2015.
“We believe new materials hold the key to delivering fundamentally better-performing products that will also deliver gigaton scale decarbonization impacts,” said Lyten’s co-founder and CEO Dan Cook. “In every industry, materials limitations are a barrier to profitably reducing emissions and that is exactly where we are deploying 3D Graphene,” he explained.