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Log9 Materials Receive Series B Funding – Raises $40 Million
Bengaluru-based advanced deep-tech battery technology startup Log9 Materials has raised a fresh round of capital worth $40 Million as a part of its Series B Funding.
It is also worth mentioning that the start-up witnessed a mix of equity and debt raise led by Amara Raja Batteries Ltd. and Petronas Ventures in addition to the participation from other investors such as Incred Financial Services Private Ltd., Unity Small Finance Bank, Oxyzo Financial Services Private Ltd. and Western Capital Advisors Private Ltd. along with CBC Japan, Grip Invest Advisors Private Ltd., Cornerstone Venture Partners, LO Funds, Oxy Capital and other leading angel investors.
Speaking about Log9 Materials, the start-up was founded in 2015 by Dr Akshay Singhal, Kartik Hajela and Pankaj Sharma, and on course it has become a frontrunner in the Indian EV sector with its new innovation and to which, more than 70 patents filed so far.
Apart from that, Log9 Materials also claims that is the only Indian company today to hold in-house competencies ranging from electrode materials to cell fabrication to battery packs. Furthermore, the company also claims that its batteries charge 9 times faster, last 9 times longer and offer 9 times higher performance and safety than conventional batteries in the market.
In addition to this, Ms Arni Laily, Head of Petronas Ventures said that Log9's approach to the future of energy continues to excite Petronas Ventures and strongly aligns with the investment priorities of the company. She also said that the partnership with Log9 Materials will further enhance her company's expansion in the new energy and green mobility sectors.
Thoughts
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Log9 Materials have been a frontrunner in the Indian EV sector with its innovations and so far the company has filed more than 70 patents. With the latest funding, the start-up company can not only push their R&D but they can also implement their technology at ground level.
