Cymbet Corp., a Minnesota developer of thin-film, solid-state batteries, announced a $16.5 million second round of private-equity financing on January 6, 2005. Intel Capital participated, but the round was led by The Ignite Group and Bekaert. Cymbet said it would use the funding to develop and market its battery system.
Who invested in Cymbet’s 2005 financing?
The announcement named The Ignite Group and Bekaert as lead investors. Dow Venture Capital and Intel Capital were new investors, alongside a private placement with individual investors. Existing investors The Millennium Materials Technologies Funds and Helmet Business Mentors Oy also participated. The financing was described as a second round of private equity; the report did not label it a Series B.
Calling the company “Intel-backed” is reasonable shorthand for Intel Capital’s participation, but it should not be read as meaning Intel led the round, acquired Cymbet, or controlled it. The contemporaneous EE Times report and EDN report identify Intel Capital as one participant among several.
What was Cymbet developing?
Cymbet described its product as a thin-film, solid-state energy-storage system intended for integration into integrated circuits or the electronics they powered. Thin-film batteries are built in very thin layers, a format that can suit compact devices and allow different packaging approaches. “Solid-state” refers to an electrolyte in solid form; the label alone does not establish a battery’s capacity, safety, charging speed, lifespan, or cost.
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- Semi-Solid-State Battery for Safer Travel Power: Semi-solid-state battery design helps deliver safer, more stable charging in hot, cold, and everyday travel conditions. This portable charger power bank is built for road trips, flights, camping, commuting, and daily carry when reliable backup power matters.
- 10,000mAh Power Bank, Slim Enough for Every Day: Get 10,000mAh power in an ultra-slim 0.57-inch body that weighs only 6.9 oz. This small portable charger slips easily into a pocket, purse, backpack, or carry-on, giving you dependable power without the bulky brick feel.
- 15W Wireless + 30W USB-C Fast Charging: Snap on for up to 15W magnetic wireless charging, or plug in for up to 30W USB-C fast charging when you need power fast. A flexible magnetic portable charger and power bank for iPhone 16, 15, 14, 13, and 12 series.
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- Smart Display, Low-Current Mode & TORRASCare Support: The digital display shows remaining battery at a glance before you head out. Low-current mode supports earbuds, AirPods, and other small devices, while 18-month TORRASCare support gives you added confidence for daily use and travel.
The announcement emphasized integration and design flexibility rather than publishing performance data. It did not specify Cymbet’s battery chemistry, voltage, capacity, energy density, cycle life, recharge time, manufacturing yield, certifications, or unit cost. Nor did it identify customers, contracts, or commercial shipments. The stated purpose of the funding—developing and marketing the system—does not establish that it had already reached volume production.
Why did Intel Capital invest?
Intel Capital’s stated rationale was that battery technology could help accelerate the development of more powerful and efficient mobile devices. Its representative also pointed to the prospect of designing Cymbet batteries directly into integrated circuits or the electronics they powered, potentially giving designers more flexibility and reducing system costs.
Rank #2
- SEMI-SOLID-STATE SAFETY, BUILT FOR TRAVEL: Semi-solid-state cells hold a fraction of the flammable liquid in ordinary lithium-ion and resist thermal failure. In internal testing, the cells were puncture, cut and drill tested with no fire. The aluminum housing is highly thermally conductive, helping draw heat away from the cells and dissipate it during charging. Under 100Wh, it's airline carry-on ready.
- ALL-DAY POWER, STILL POCKETABLE: A full 10,000mAh gives a typical iPhone roughly 1.5 to 2 charges - plenty for long travel days, events and back-to-back workdays without chasing an outlet. The dense semi-solid state design (a paired 5,000mAh + 5,000mAh layout) keeps the pack slim enough to slip into a jacket pocket or bag. The built-in lanyard doubles as a USB-C cable, so a charging cord is always attached - nothing extra to pack or lose.
- QI2-CERTIFIED 15W MAGNETIC CHARGING: A strong, precisely aligned magnet snaps onto iPhone 17, 16, 15, 14, 13 and 12 with precise alignment and a strong hold, so you can keep using your phone while it charges. As a Qi2-certified, MagSafe-compatible charger, the magnetic connection keeps the charger aligned while you scroll, text, or move.
- DUAL USB-C, UP TO 30W OUTPUT: Two USB-C ports let you charge several devices at once and deliver up to 30W of fast wired power for phones, earbuds and tablets. The same port also refills the 10K itself quickly, so it's ready for the next day. (Large tablets and laptops draw more and may only charge partially.)
- FULL-COLOR LCD DISPLAY: A crisp color screen shows exact battery percentage plus live input and output wattage, so you always know how much power is left and how fast each device is charging - no blinking LEDs to decode. It stays easy to read at a glance, whether you're commuting, at an event, on a shoot or working late.
That was the investor’s rationale, not independent evidence that Cymbet’s battery achieved those results. The strategic appeal was clear: a power source designed closer to the electronics could be useful where space, packaging, or replacing a conventional battery is difficult. Memory backup, sensors, wireless devices, and other embedded systems are plausible application areas, but the 2005 announcement did not confirm specific deployments.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What was Cymbet’s position at the time?
Founded in 2000, Cymbet was based in Elk River, Minnesota, where it also manufactured, according to the contemporaneous coverage. The company had raised $4.5 million in an earlier Series A round to support research and development. It had approximately 20 employees when the second financing was announced and planned to add 10 employees over the following year; the report does not establish whether that hiring plan was fulfilled.
Rank #3
- WORLD'S THINNEST SEMI-SOLID-STATE 5,000MAH: At just 6.8mm at its thinnest point, the Air is the slimmest semi-solid-state Qi2 power bank you can buy — the semi-solid-state design supports this slim form factor while helping the cells stay stable and reducing fire risk. It sits flush against your iPhone and slips into a pocket, slim bag or clutch. TechRadar Pro CES 2026 Picks Award Winner.
- SEMI-SOLID-STATE SAFETY, BUILT FOR TRAVEL: Unlike conventional lithium-ion banks with a flammable liquid electrolyte, SolidSafe Air's semi-solid-state cells sharply cut the liquid component — lowering risk at the cell level and staying stable under heat, stress and impact. It's not a circuit-only fix but a fundamental change in chemistry. At 18.5Wh, it's airline carry-on ready.
- 15W QI2 MAGNETIC + 20W USB-C: Qi2-certified, MagSafe-compatible magnetic charging snaps onto iPhone 17, 16, 15, 14, 13 and 12 with precise, secure alignment, while the USB-C port delivers up to 20W when you're in a hurry. The 5,000mAh cell gives a modern iPhone roughly one full top-up, and you can charge wired and wireless at the same time.
- TITANIUM SHELL, BUILT TO LAST: A titanium-reinforced shell resists dents and drops, and titanium's high thermal conductivity helps draw heat away from the cells and dissipate it at the surface during charging. It's premium protection that keeps the Air tough and travel-ready in a remarkably slim form.
- CCC CERTIFIED FOR TRAVEL: CCC certified for battery compliance and travel in China, with FCC, CE and UKCA listings for other regions. Built-in circuit safeguards cover overcharge, over-discharge, overcurrent and short circuits. Magnetic charging suits MagSafe iPhones or a thin compatible case; for Pixel and other Android phones, use a magnetic case or the 20W USB-C port.
What the $16.5 million did—and did not—signal
The financing gave a small battery developer capital to move from research and development toward product development and commercialization. Intel Capital’s participation also connected the company to the semiconductor investment ecosystem. Taken together, those facts made the round a meaningful commercial milestone, but not proof that Cymbet had solved the technical or manufacturing challenges of battery production at scale.
Very thin batteries can be attractive for compact, integrated electronics, while also facing industry-wide challenges such as manufacturing complexity, scaling, limited capacity in small formats, cost, and packaging constraints. These are general considerations, not documented performance problems or advantages specific to Cymbet. The announcement supplied no comparison with coin cells, lithium-ion batteries, or competing thin-film designs.
It also did not disclose financing terms, valuation, ownership stakes, production targets, or a later company outcome. The available contemporaneous reporting is therefore a snapshot of the company’s plans and investor interest in January 2005—not evidence that those plans ultimately succeeded.
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