Illumion is addressing a key bottleneck in battery innovation. Developing new battery chemistries is critical to improving performance, reducing cost and enabling broader electrification, but the tools used in battery materials research are often either large, complex and expensive or lower-cost with limited functionality. Illumion is seeking to solve this problem with a compact, high-throughput platform designed to accelerate battery material R&D and quality control, helping customers make breakthroughs faster.

The Solution

Illumion has developed the IllumionONE, a desktop-sized battery research and quality control system built on a patented microscopy technique developed over five years at the University of Cambridge. The platform is designed to support faster charging, higher energy densities and longer battery lifespans by enabling more efficient analysis of battery materials. By combining usability, throughput and lower operating complexity in a compact format, Illumion offers customers a more practical alternative to conventional testing systems. The broader offering also includes analysis software and consumables, creating a more integrated customer workflow.

Market

Illumion is operating in a large and growing market underpinned by the global shift towards decarbonisation. The battery market was valued at $108bn in 2022 and is projected to reach $250bn by 2027. Management estimates that $7.5bn was allocated to battery R&D in 2023, with investment in the category forecast to grow by up to 16% year on year. Against this backdrop, Illumion is targeting more than 5,000 academic and industrial customers globally, positioning the Company in a specialised but increasingly important part of the battery value chain.

Competition

The battery research instrumentation market remains difficult for customers to navigate. Existing solutions tend to sit at one of two extremes: high-performance systems that are expensive and operationally complex, or simpler tools that are easier to access but offer limited functionality. Illumion is positioned between these categories, with a compact, high-throughput system intended to deliver a stronger balance of capability, usability and cost-efficiency. This gives the Company a differentiated position in a market where customers are often required to compromise.

Commercial Overview

Illumion’s commercial model is built around instrument sales, supported by analysis software and consumables. This gives the Company a hardware-led route to market while also creating the potential for follow-on software and recurring consumables revenue. The current fundraise is also intended to support development of a second product aimed at battery manufacturing customers, extending the opportunity beyond research applications and into industrial quality control. Over time, the model offers exposure to both product sales and a broader installed-base revenue opportunity.

Commercial Traction

Illumion has already demonstrated early commercial traction, with £500k in sales achieved to date and five units sold and shipped to research institutes in Germany, the US and China. The Company has also signed eight global distribution partners, supporting early international reach. The qualified sales pipeline stands at more than £5m. Together, this suggests early market validation and a credible platform for further commercial scale-up.

Management is currently raising £1.5m at a £5.9m pre-money valuation. Up to £1.2m is expected from existing and new investors.

The funding will be used to convert the sales pipeline and accelerate development of a second product exlusively for battery manufacturing industry customers.