Indian founded Deeya Energy raises its first round
By SiliconIndia | Monday, 18 September 2006, 07:00 Hrs
FREMONT: Deeya Energy, a developer of novel energy storage systems, announced today that it has raised its first venture capital funding round from BlueRun Ventures, Draper Fisher Jurvetson (DFJ), and DFJ Element. The investment will be used for product development and global market expansion.
Founded by Dr. Saroj Sahu, Deeya Energy is a clean technology start-up developing and manufacturing electrochemical energy storage systems based on its proprietary L-Cell technology. Deeya L-Cells, containing environmentally benign materials and infinitely recyclable, have much better charging and discharging performance while being much cheaper than other batteries.
Dr. Sahu currently CTO & VP Engineer of the company, is an applied physicist and has worked in technology leadership positions at Raychem/Tyco Electronics, Jasmine Networks, and Santec Corp, prior to founding Deeya Energy. Sahu has over 60 publications in international journals, 1 published book and 1 US patent, with several pending.
"Sahu and his team have the blend of scientific know-how and market experience to make a commercially viable breakthrough in clean energy, and we are proud to support their vision," said Sujit Banerjee, Partner, BlueRun Ventures.
"We are really excited about the broad opportunities that Deeya's technology can address, including peak-off-peak Load Shifting, renewable backup for the global solar and wind rollouts and the UPS (Uninterruptible Power Supplies) market, particularly for developing regions like India where power availability and quality are significant issues," said Raj Atluru, Managing Director, DFJ.
"This investment will help Deeya complete its product development and engage with customers," said Sahu.
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