About our Series A fundraise
Today, we’re excited to finally share the news that Glimpse has closed a $10M Series A financing, led by TDK Ventures and with continued support from our early believers at Ibex Investors and Flybridge. While this announcement comes a few months after the actual close date, it's a good opportunity to reflect on our accomplishments and look ahead.
In a slowing EV market and challenging funding environment, getting to Series A in 1.5 years from inception with a team of 10 is no small feat. This achievement speaks to our incredibly dedicated and competent team and the fantastic technology we built. Our biggest success marker isn't that some companies have already tried to copy our product, it's the high-caliber customers we serve, including some of the world's largest producers and buyers of battery cells, who've trusted us since launching our product a year ago.
So yes, this Series A feels like an achievement, and it does feel good to pause and take stock of what we've accomplished to date. But going through a round of VC funding is really about looking forward, not backward. Delivering returns to our investors is a responsibility we don't take lightly, and we know that the hardest part is ahead of us, not behind us.
We're very much aware of the challenges ahead, especially as the Western battery industry is wrestling to scale up its technologies (as Steve Levine's The Electric so incisively chronicles), and is looking at a future that's uncertain, to say the least. Will Western startups and OEMs find their footing? Will Korean and Japanese cell producers fill the void and scale their factories in the US and Europe? Or will Chinese companies further cement their overwhelming dominance? While we certainly have a preference, the specific outcome doesn't really matter for Glimpse's long-term prospects. The fundamentals are clear: the world is moving toward electrification, supply chains are re-shoring, and ensuring battery quality has never been more important (as recent news from battery fires in CA and a massive pack recall from Samsung SDI sadly reminds us). Whoever succeeds, Glimpse will support their battery quality needs and enable the electrification of everything – both in the West and worldwide.
In a sense, neither this fundraise nor the current state of the Western battery industry really changes much for us. We're simply going to continue doing what we do best: staying focused, building great technology, and making sure our customers are equipped with the right tools to ensure the quality of their batteries at scale.
