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- Skeleton Technologies
Skeleton Technologies Revenue, Valuation, Funding & Investors
Skeleton Technologies is valued at $1B as of January 2022, a 100.0x multiple on its last reported $10M revenue.
Last Skeleton Technologies valuation
$1B
Series D · Jan 2022
Last Skeleton Technologies funding round
$39M
Undisclosed stage · May 2026
Skeleton Technologies revenue
$10M
Series D · Jan 2022
Key investors in Skeleton Technologies
Harju Elekter
EIT InnoEnergy
Startup Wise Guys
Marubeni
FIRSTFLOOR CAPITAL
CBMM
About Skeleton Technologies
Skeleton Technologies is an Estonian cleantech company that develops and manufactures ultracapacitors and its SuperBattery high-power energy storage technology, built on a patented curved-graphene material that avoids toxic metals. Founded in 2009 by Oliver Ahlberg and Taavi Madiberk, the company's supercapacitors charge in seconds and withstand more than a million charge cycles, serving blue-chip customers in automotive, grid, and industrial sectors. It runs production facilities in Estonia and Germany, including a factory near Leipzig built with Siemens, and is increasingly targeting high-power storage for AI data centers and grid systems.
Founded
2009
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Product sales
Revenue
$10M (Jan 2022)
Valuation
$1B (Jan 2022)
Skeleton Technologies Valuation
Skeleton Technologies is currently valued at $1B, based on its Series D in January 2022.
The $42M round was led by Taavet Hinrikus, with participation from EIT InnoEnergy, Bengt Wahlqvist, Startup Wise Guys and Nidoco.
Skeleton Technologies valuation by funding round
| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Jan 2022 | Series D | $1B | 100.0x |
Skeleton Technologies Revenue
Skeleton Technologies' latest recorded revenue is $10M, as of its Series D in January 2022. At a $1B valuation, that implies a 100.0x revenue multiple.
Skeleton Technologies revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Jan 2022 | $10M | $1B | 100.0x | Series D |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Skeleton Technologies Funding History
Skeleton Technologies has raised a total of $312M across 9 funding rounds.
Skeleton Technologies' first fundraising round was a $3M seed round in April 2013. The most recent completed round was a $39M undisclosed-stage round in May 2026.
Skeleton Technologies funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| May 2026 | Undisclosed stage | Axon Partners; Taiwania Capital Management Corporation; SmartCap; CBMM | $39M | - | Skeleton Technologies secured €33 million in the first close of its Series F pre-IPO funding round on May 7-8, 2026, from new investors Axon Partners Group, SmartCap (Smart Capital GmbH), and Taiwania Capital Management Corporation, with participation from existing investor Companhia Brasileira de Metalurgia e Mineração (CBMM). The round consists of convertible preferred stock and forms part of a larger fundraising process ahead of a planned US IPO in 2027. Total venture capital raised to date reaches €392 million. The funding supports scaling high-power energy storage solutions, particularly supercapacitors for AI data centers and grid power systems, amid rising hyperscaler demand. Investors cited Skeleton's positioning for sustainable AI data center power infrastructure, with Axon Partners Group's technology investment expertise and Taiwania Capital's Taiwanese chip industry ties aiding IPO preparations and global market entry, including manufacturing expansion in Europe and the United States. Skeleton Technologies, based in Estonia (Tallinn) and Germany (Skeleton Technologies GmbH), develops and provides AI infrastructure, grid power systems, and high-power energy storage solutions using supercapacitor technology for power-intensive applications like data centers. |
| Oct 2023 | Series E | Marubeni (lead); Siemens (lead); CBMM | $114M | - | Skeleton Technologies, an Estonian energy storage company, develops and manufactures supercapacitors and the high-power SuperBattery technology using its patented Curved Graphene material, which enables high performance without toxic metals. The company closed a €108M funding round on October 13, 2023, comprising equity and debt from Siemens Financial Services (SFS), Marubeni Corporation, Companhia Brasileira de Metalurgia e Mineração (CBMM), and other investors, led by Marubeni and SFS. This round brings total funding to over €300M, following prior investments including a July 2023 round from Marubeni and a €38M Series D3 in January 2022. The funds support acceleration of next-generation product development, manufacturing expansion for supercapacitors and SuperBattery, and automation/digitization of a new factory in Markranstädt near Leipzig, Germany, in partnership with Siemens. Siemens serves as a key partner, supplier, customer, and now investor, leveraging its expertise in industrialization and a recent cooperation agreement for digitizing supercapacitor production. Marubeni, an existing investor with Berkshire Hathaway as a shareholder, distributes Skeleton's products in Asia and aids customer acquisition for SuperBattery there. CBMM made its first investment in the round. Skeleton is ramping up supercapacitor production at the German facility and preparing SuperBattery for mass production, positioning itself in the European battery ecosystem for energy transition applications in vehicles, military, manufacturing, and grid stability. CEO Taavi Madiberk highlighted the strategic value of Siemens and Marubeni partnerships for global growth. The round was later recognized as the 2024 Baltic Private Equity and Venture Capital Deal of the Year. |
| Jan 2022 | Series D | Taavet Hinrikus (lead); EIT InnoEnergy; Bengt Wahlqvist; Startup Wise Guys; Nidoco | $42M | $1B | Skeleton Technologies, founded in 2009 by Oliver Ahlberg and Taavi Madiberk, is an Estonia-based global cleantech company specializing in high-energy and power-density ultracapacitors and energy storage solutions, including curved graphene-based technologies. Their supercapacitors charge in seconds, offer over a million charge cycles, and high efficiency, positioning them as a preferred supplier for blue-chip clients in automotive, grid, and industrial sectors. The company operates production facilities in Saxony, Germany, and aims to innovate in energy storage to support Paris climate targets through deep tech advancements. On January 28, 2022, Skeleton closed its oversubscribed Round D3, raising €37.6 million ($42.6 million) in equity, led by Wise co-founder Taavet Hinrikus via Taavet+Sten. Key co-investors included Bengt Wahlqvist (co-founder of CTEK), Nidoco AB, EIT InnoEnergy, Startup Wise Guys (implied in context), and members of Adyen's founding team. This round brought total funding raised to over €200 million, with post-money valuation approaching $1 billion, positioning Skeleton near unicorn status as Estonia's potential tenth. Proceeds from the D3 round fund scale-up of supercapacitor manufacturing in Germany to meet surging customer demand and continued R&D into new battery products leveraging core materials and curved graphene technology. CEO Taavi Madiberk emphasized maintaining momentum in long-term strategy, balancing production growth with R&D investment. Investor Taavet Hinrikus highlighted Skeleton's track record in commercializing innovations essential for next-generation batteries enabling climate goals. Skeleton competes in the advanced energy storage market, distinguished by superior efficiency over rivals—claimed twice as efficient—and real-world applications across premium sectors. As a Global Cleantech 100 company, it benefits from backing by prominent European tech entrepreneurs and industry specialists, underscoring its status as one of Europe's best-financed deep tech firms. |
| Jun 2021 | Series D | Startup Wise Guys; Marubeni; Harju Elekter; MM Grupp | $34M | - | Skeleton Technologies is an Estonian-founded energy storage company specializing in supercapacitors and SuperBattery systems using patented curved graphene technology for applications in transport, maritime, grid, data centers, automotive, and heavy industry to support electrification and reduce CO2 emissions. The company operates the world's largest supercapacitor factory in Leipzig, Germany, producing over 4 million cells annually, and collaborates with major industrial players. Later funding includes a Series E in 2023, €108M equity and debt led by Siemens Financial Services and Marubeni in an unspecified recent round, debt financing of $113.61M in October 2023, and total funding reported as high as $284.6M or $160M across 7 rounds. |
| Nov 2020 | Series D | EIT InnoEnergy; FIRSTFLOOR CAPITAL; Adyen; Harju Elekter; MM Grupp | $49M | - | - |
| Aug 2016 | Series C | FIRSTFLOOR CAPITAL (lead); Skeleton Technologies; Harju Elekter | $15M | - | Skeleton Technologies is an Estonia-based ultracapacitor manufacturer founded in 2009, specializing in graphene-based supercapacitors that deliver twice the energy density and five times the power density of competitors. The company produces high-power, high-energy storage solutions for sectors including transportation, grid, industrial equipment, renewable energy, automotive, and defense. In a Series C funding round announced around August 2016 (aligned with March 2016 query date), Skeleton Technologies raised €13 million led by FirstFloor Capital, with participation from existing investors UP Invest and Harju Elekter. This brought total financing to €26.7 million, supporting revenue ramp-up to expand graphene ultracapacitors from high-end sectors to mass markets and develop turnkey energy storage systems. The funding enabled expansion of operations in Estonia and Germany, targeting scale-up in 2017, and entry into Asian markets. Skeleton had prior rounds including a $11 million Series B in 2015 led by Harju Elekter (10% stake) and $5.2 million Series A in 2014 led by UP Invest. Products included solutions for European Space Agency projects, hybrid trucks, and partnerships like Flying Whales for airships. |
| Jun 2015 | Series B | Harju Elekter (lead); EIT InnoEnergy; UP Invest | $11M | - | Skeleton Technologies is an Estonian company developing and manufacturing ultracapacitors using patented curved graphene-based material for high-power energy storage in sectors like transportation, grid, industrial, and aerospace. In June 2015, Harju Elekter Group acquired a 10% holding in Skeleton Technologies Group OÜ as a strategic investment, leading the series B round also backed by UP Invest and EIT InnoEnergy. The transaction value was not disclosed per stock exchange rules. The round is described as approximately $11 million in total. Skeleton Technologies had previously raised a $5.2 million series A round led by UP Invest. |
| Jul 2014 | Series A | Estonian venture capital (lead); UP Invest (lead) | $5M | - | Skeleton Technologies develops high-performance ultracapacitors using proprietary carbide-derived carbon and later graphene-based technology for applications in transportation, industrial, grid, automotive, and space sectors. The technology offers higher power density, energy efficiency, and longevity compared to batteries, with over 1 million charge/discharge cycles. Investors include UP Invest, an Estonian private equity firm focused on the Baltic region. In 2013-2014, Skeleton Technologies raised €3.9 million ($5.2 million) in Round A financing led by UP Invest, following an initial €2.2 million tranche in April 2013. The funds supported expansion of production capabilities for ultracapacitors targeting energy storage solutions like braking energy recapture and peak power provision. This round aligned with growing demand in electrical engineering and novel applications in space and defense. Subsequent rounds included €9.8 million Series B in an unspecified year led by Harju Elekter Group and UP Invest for graphene ultracapacitor production ramp-up, €41.3 million Series D from European entrepreneurs and existing investors, and €108 million E1 round from Siemens and Marubeni, bringing total funding over €330 million. |
| Apr 2013 | Seed | - | $3M | - | Skeleton Technologies, a manufacturer of high-performance ultracapacitors with superior energy and power density, raised €2.2 million in a Round A financing round in April 2013, led by UP Invest. The funds were allocated to expand production capabilities to meet growing customer demand for advanced energy storage solutions. At the time, the company had attracted high-profile customers including the European Space Agency and several US and European Tier 1 automotive suppliers. |
Who has invested in Skeleton Technologies?
18 investors have backed Skeleton Technologies across its funding rounds, including Harju Elekter, EIT InnoEnergy, Startup Wise Guys, Marubeni, FIRSTFLOOR CAPITAL and CBMM.
Lead investors include Marubeni, Siemens, Taavet Hinrikus, FIRSTFLOOR CAPITAL, Harju Elekter and 2 other investors.
Skeleton Technologies Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 4 | Lead | Jun 2015 | ||
| 3 | Participant | Jun 2015 | ||
| 2 | Lead | Jul 2014 | ||
| 2 | Participant | Jun 2021 | ||
| 2 | Lead | Aug 2016 | ||
| 2 | Lead | Jun 2021 | ||
| 2 | Participant | Oct 2023 | ||
| 2 | Participant | Nov 2020 | ||
| 1 | Participant | May 2026 | ||
| 1 | Participant | May 2026 | ||
| 1 | Participant | Jan 2022 | ||
| 1 | Lead | Jul 2014 | ||
| 1 | Lead | Oct 2023 | ||
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialSkeleton Technologies Competitors
Skeleton Technologies competitors include listed companies like Chengdu RML Technology and Towa, and private ones like Nyobolt, Nanotech Energy, Beijing Weilan New Energy Technology and Eliyan.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | $9M | - | $1B | - | ||
| Private | - | - | $550M | - | ||
| Private | - | - | $2.4B | - | ||
| Private | - | - | $1B | - | ||
| Publicly listed | $110M | $29M | $1B | - | ||
| Publicly listed | $350M | $66M | $1B | 2.5x |
Skeleton Technologies Public Comps
Skeleton Technologies is still privately-owned, but its public comps include Chengdu RML Technology, Smarter Microelectronics, Towa, Sitronix, Foxsemicon, Henan Yicheng New Energy, FourSemi, MTCN Technology, MegaChips and JANAF.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $110M | $29M | 6.5x | - | 24.5x | - | |||
| $120M | ($31M) | 7.7x | 7.8x | (30.2x) | (31.1x) | |||
| $350M | $66M | 2.7x | 2.5x | 14.5x | 12.5x | |||
| $596M | $89M | 1.3x | - | 8.8x | - | |||
| $654M | $115M | 1.5x | 1.3x | 8.5x | 9.4x | |||
| $527M | ($30M) | 3.0x | - | (53.0x) | - | |||
| $55M | ($7M) | 16.8x | - | (122.6x) | - | |||
| $64M | $17M | 17.0x | - | 62.9x | - | |||
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Common questions about Skeleton Technologies
| When was Skeleton Technologies founded? | Skeleton Technologies was founded in 2009. |
| Where is Skeleton Technologies headquartered? | Skeleton Technologies is headquartered in Estonia. |
| Is Skeleton Technologies publicly listed? | No, Skeleton Technologies is a private, VC-backed company. |
| What is Skeleton Technologies' valuation? | Skeleton Technologies was last valued at $1B in its Series D in January 2022. |
| How much funding has Skeleton Technologies raised? | Skeleton Technologies has raised $312M across 9 funding rounds. |
| What was Skeleton Technologies' last funding round? | Skeleton Technologies' last funding round was a $39M undisclosed-stage round in May 2026. |
| Who are Skeleton Technologies' investors? | Skeleton Technologies' investors include Harju Elekter, EIT InnoEnergy, UP Invest, Startup Wise Guys, FIRSTFLOOR CAPITAL, Marubeni, CBMM, MM Grupp, Axon Partners, Taiwania Capital Management Corporation and 8 others. |
| What is Skeleton Technologies' revenue? | Skeleton Technologies' latest recorded revenue is $10M (January 2022). |
| What is Skeleton Technologies' revenue multiple? | Skeleton Technologies' latest valuation implies a 100.0x revenue multiple ($1B valuation on $10M of revenue). |
| Which companies are comparable to Skeleton Technologies? | Companies comparable to Skeleton Technologies include Nyobolt, Nanotech Energy, Beijing Weilan New Energy Technology, Eliyan, Chengdu RML Technology and Towa. |
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