CelLink Valuation, Funding & Investors

CelLink is valued at $889M as of February 2022.

Last CelLink valuation

$889M

Series D · Feb 2022

Last CelLink funding round

$250M

Series D · Feb 2022

Cumulative funding CelLink raised

$297M

across 3 funding rounds

Key investors in CelLink

CelLink Overview

About CelLink

CelLink is a battery interconnect solutions provider manufacturing high-conductance flexible circuits that integrate power busing, fusing, voltage, and temperature monitoring. Its designs reduce weight by a factor of four and volume by ten compared to traditional wiring for electric vehicles.


Founded

2011

HQ

United StatesSan Francisco, CA

Status

Privately held

Customer focus

B2B

Revenue model

Product sales

Valuation

$889M (Feb 2022)

CelLink Valuation

CelLink is currently valued at $889M, based on its Series D in February 2022.

The $250M round was led by Whale Rock Capital Management.

CelLink's valuation has grown 6.7x from $133M at its Series C in May 2021 to $889M in February 2022, across 2 priced rounds.

CelLink valuation by funding round

CelLink valuation by funding round
DateStageValuation
Feb 2022Series D$889M
May 2021Series C$133M

CelLink Funding History

CelLink has raised a total of $297M across 3 funding rounds.

CelLink's first fundraising round was a $23M Series B in October 2019. The most recent completed round was a $250M Series D in February 2022.

CelLink funding rounds

CelLink funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Feb 2022Series DWhale Rock Capital Management (lead)$250M$889MCelLink Corporation is a San Carlos, CA-based automotive electronics technology company specializing in flexible harness technology for electric vehicles, originally founded to develop interconnects for solar panels. The company completed a $250M Series D funding round on February 16, 2022, led by Whale Rock Capital Management, with participation from new investors D1 Capital Partners, funds advised by T. Rowe Price Associates, and others including 3M Ventures, Atreides Management, BMW i Ventures, Bosch Ventures, Fidelity Investments, Fontinalis Partners, Franklin Venture Partners, Lear, Park West Asset Management, Standard Investments, and Tinicum Capital Partners. This round brought total funding to approximately $315M, including prior rounds and US Department of Energy grants. The Series D valuation was reported as $889.03 million post-money. Funds are intended to support massive expansion amid the transition to electric vehicles, positioning CelLink as a next-gen automotive supplier. Investors highlighted the company's innovative culture and unique technology accelerating away from fossil fuel-based transportation. Prior rounds include Series C in August 2021 and Series B in 2019, with backers like Ford, BorgWarner, and SK Telecom also involved historically.
May 2021Series CBorgWarner (lead); Lear (lead)$25M$133MCelLink Corporation manufactures flat and flexible circuits designed to minimize complexity, space, and weight, with applications in automotive wiring, battery packs, LED lighting, photovoltaics, and power and signal transmission. Founded in 2012 by CEO Kevin Coakley and VP Engineering Malcolm Brown, and joined in 2015 by Chairman Bruce Graham, the company originated from a 2014 US Department of Energy Sunshot grant and has raised significant follow-on funding. By May 2021, CelLink had received a total of $65M in funding prior to the Series C round led by Lear Corporation, with BorgWarner also participating. The Series C funding round, announced around May 3, 2021 (with Forge Global noting June 11, 2021), raised $31MM at a post-money valuation of $133.06MM, with a price per share of $4.79 and approximately 6.48 million shares outstanding. Lear, having initially invested in 2019, led the round to support CelLink's development of differentiated wiring harness technology for vehicle electrification, aiming to expand Lear's E-Systems business. BorgWarner co-invested, aligning with CelLink's focus on lightweight power and data interconnection for automotive applications. CelLink's technology addresses key challenges in electrification and climate change by providing highly conductive flexible circuits. The investment marked a milestone for growth, leveraging Lear's automotive customer relationships. Subsequent rounds included a Series D in February 2022 raising $250MM at $889.03MM post-money valuation with broader investors including Lear, BMW i Ventures, and others, bringing total funding to over $273M across six rounds by 2022.
Oct 2019Series BFontinalis Partners; BMW i Ventures; Ford$23M-CelLink is a San Carlos, California-based manufacturer of flexible circuit technology that produces lightweight, low-cost flexible circuits for automotive and industrial applications. The company's technology replaces traditional wire harnesses with conductive circuits sandwiched between flexible plastic sheets, reducing harness weight by 60-90% and volume by 70-90% while meeting automotive cost requirements where traditional flex circuits had previously been too expensive. The company was founded eight years prior (circa 2011) on the premise of providing interconnect solutions to the solar industry before pivoting to automotive applications. In October 2019, CelLink announced the completion of its Series B funding round raising $22.5 million. The round included new investors Franklin Templeton Ventures Partners, Fontinalis Partners, and Ford Motor Company, alongside existing investors 3M Ventures and Robert Bosch Venture Capital. The funding was designated to ramp up production of large-area flexible circuits for power and data transmission, scale up existing production contracts, and transition projects into full-scale production. The company planned to continue ramping production at its first manufacturing facility through 2019 and bring a new production facility online in the 2020-21 timeframe. CelLink's technology was positioned to address multiple markets beyond automotive, including LED lighting, aerospace, battery packs, and energy-efficient applications. CEO and co-founder Kevin Coakley emphasized the technology's potential to support sustainable energy production and consumption. By the time of the Series B announcement, the company had already received strong interest from aerospace and commercial vehicle sectors in adapting its flexible circuit technology for their applications.

Who has invested in CelLink?

6 investors have backed CelLink across its funding rounds, including BMW i Ventures, Fontinalis Partners, Whale Rock Capital Management, Ford, Lear and BorgWarner.

Lead investors include Whale Rock Capital Management, BorgWarner and Lear.


CelLink Investors

Investors in CelLink by funding rounds participated
InvestorHQRoundsRoleFirst check
Fontinalis PartnersUnited StatesDetroit, MI1ParticipantOct 2019
BMW i VenturesUnited StatesSan Francisco, CA1ParticipantOct 2019
LearUnited StatesDetroit, MI1LeadMay 2021
Whale Rock Capital ManagementUnited StatesBoston, MA1LeadFeb 2022

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CelLink Competitors

CelLink competitors include listed companies like Hoymiles Power, Landis+Gyr, ADS-TEC Energy and Ballard Power Systems, and private ones like Star Charge and SFCC.

Public and private companies comparable to CelLink
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Hoymiles PowerChinaChinaPublicly listed$288M($32M)$1.3B1.9x
Landis+GyrSwitzerlandSwitzerlandPublicly listed$1.2B$145M$1.5B1.5x
ADS-TEC EnergyGermanyGermanyPublicly listed$36M($3M)$842M26.7x
Ballard Power SystemsCanadaCanadaPublicly listed$99M($85M)$767M2.6x
Star ChargeSingaporeSingaporePrivate--$1.2B-
SFCCChinaShenzhenPrivate--$1.9B-

CelLink Public Comps

CelLink is still privately-owned, but its public comps include Metawater, Frencken Group, Nano Nuclear Energy, Hangzhou Sunrise Tech, ADS-TEC Energy, ITM Power, Forum Energy Technologies, SK Ie Technology, SP New Energy and BW Offshore.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Metawater$1.3B$110M0.6x0.5x7.1x6.8x
Frencken Group$679M$67M1.3x1.3x13.5x13.0x
Nano Nuclear Energy-($39M)-205.2x(8.5x)(6.7x)
Hangzhou Sunrise Tech$252M$95M1.7x1.8x4.5x4.6x
ADS-TEC Energy$36M($3M)23.2x26.7x(278.0x)-
ITM Power$35M($63M)19.7x11.3x(10.9x)(20.2x)
Forum Energy Technologies$791M$69M1.4x1.3x16.6x10.3x
SK Ie Technology$191M($116M)10.5x14.2x(17.3x)(31.0x)

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Common questions about CelLink

When was CelLink founded?CelLink was founded in 2011.
Where is CelLink headquartered?CelLink is headquartered in San Francisco, CA, United States.
Is CelLink publicly listed?No, CelLink is a private, VC-backed company.
What is CelLink's valuation?CelLink was last valued at $889M in its Series D in February 2022.
How much funding has CelLink raised?CelLink has raised $297M across 3 funding rounds.
What was CelLink's last funding round?CelLink's last funding round was a $250M Series D in February 2022, led by Whale Rock Capital Management.
Who are CelLink's investors?CelLink's investors include Fontinalis Partners, BMW i Ventures, Lear, Whale Rock Capital Management, BorgWarner and Ford.
Which companies are comparable to CelLink?Companies comparable to CelLink include Hoymiles Power, Landis+Gyr, ADS-TEC Energy, Ballard Power Systems, Star Charge and SFCC.

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