A123 Systems receives additional funding

On Tuesday, A123 Systems, a startup developing next generation Lithioum-Ion batteries (high power and fast recharging), announced that it has raised $30M in Series D. I read it in VentureBeat and Alarm:clock. Total funding to date is $132M. The company is an MIT spin-off the management team and board are impressive. The company is growing super fast and it already has over 800 employees. Here in Cambridge everybody talks about A123. I am sure that it is going to be a big success story.

I first heard of A123 Systems back in June, from Kelli McKechnie (my EM at McKinsey) who had worked there for one summer. One month ago, we had a meeting with Ric Fulop, one of the founders, regarding class activities related to MIT Sloan (Ric is a Sloan alumni and a successful serial entrepreneur and we had the chance to talk about Tabarca for a while). I will continue keeping an eye on it.