GRANGER, Ind.- Slipstream, a startup developing energy solutions that use ultracapacitor technology to increase vehicle fleet performance, has secured seed funding from Elevate Ventures and angel investors from Magnet Investors, a South Bend, Ind. angel network.
This funding round came in part through the Elevate Ventures’ Indiana Angel Network Fund (IANF), a graduating step from Elevate Ventures’ May 2017 High-Potential Startup Grand (HPSG) investment in the company. While the HPSG program is pre-seed funding in amounts up to $25,000 awarded to high-potential startups in regions where communities have invested in entrepreneurism through partnership such as Startup South Bend-Elkhart, the IANF supports supports seed and early-stage investments in Indiana-based companies alongside institutional and qualified angel investors.
“Elevate Ventures provides access to capital to Indiana-based startups at various stages of the company lifecycle, from ideation to rapid growth and at all points in between,” said Phil Lodato, General Counsel at Elevate Ventures. “We are pleased to have now supported Slipstream at multiple stages along the funding continuum, from its technology development phase to its current focus on product-market validation and early customer traction. We are excited to partner with Magnet Investors to help the company achieve meaningful growth milestones.”
Slipstream is commercializing ultracapacitor technology developed and patented by electrical engineering professor Dr. Peter Bauer of the University of Notre Dame Hybrid Electric Vehicle Laboratory. He was joined by the Angel investors Jim Larkin and Hari Agarwal, as well as Kevin O’Keeffe (a graduate of the Engineering Science and Technology Commercialization Program at the University of Notre Dame), with the aim of exploring the commercial applications of the technology. The company aims to provide powerful, compact, robust and safe energy solutions that solve the problems associated with conventional energy storage and delivery devices.
Slipstream’s flagship technology, Maxx Start, is a 15-pound jumpstarting pack, which can instantly restart diesel engines by delivering 6000 amps of cranking current. Maxx Start recharges in seconds from the alternator of the restarted vehicle so that it is ready to restart the vehicle. The nonstop performance of Maxx Start is guaranteed by the longevity (>20-year lifetime) and resilience (performing in temperatures from -40°F to 150°F) of its ultracapacitor technology.
“It’s an exciting time here at Slipstream,” said Kevin O’Keeffe, Slipstream CEO. “This funding will help us build on the strong traction we’ve had to date and to accelerate as we take on new hires and ramp up our marketing and sales efforts.”
With the funding, Slipstream hopes to complete product design and tooling for the next product cycle of Maxx Start and produce enough units to satisfy beachhead markets.
Slipstream was founded to commercialize the state of the art ultracapacitor technology that has been developed and patented by electrical engineering professor Dr. Peter Bauer from the University of Notre Dame. The overarching goal of Slipstream Projects LLC is to provide powerful, compact, robust, and safe energy solutions that solve the problems associated with conventional energy storage and delivery devices. The flagship technology of Slipstream, called Maxx Start, is a powerful 15lb engine starting tool, which can instantly start the heaviest of diesel engines by delivering 6000A of cranking current. Maxx Start sets itself apart by delivering continuous performance: recharging in seconds from the alternator of the running vehicle so that it is always ready to start the next vehicle.
About Elevate Ventures:
Elevate Ventures is a private venture development organization that nurtures and develops emerging and existing high-growth businesses into high-performing, Indiana-based companies.Elevate Ventures accomplishes this by providing access to capital, rigorous business analysis and robust advisory services that connect companies with the right mix of resources businesses need to succeed long term. To learn more about Elevate Ventures, visit elevateventures.com.