Log 9 Materials, an Indian nano-tech startup manufacturing nanotech material such as advanced batteries and fuel cells, has raised US$ 8.5 million in a Series A+ funding round led by Amara Raja Batteries (ARBL) on 9 August 2021.
Investors: The latest investment round featured Amara Raja Batteries as the lead investor. The startup is also backed by Surge, Exfinity Venture Partners, Blume Ventures, Omidyar Network India and many other firms. It has managed to raise, in total, US$ 12.4 million to date.
Purpose of the funding: The startup seeks to utilize the proceeds from the investment round towards financing its research and development projects and increasing its production operations.
About Log 9 Materials
Established in 2015 by Akshay Singhal and Kartik Hajela, Log 9 Materials specializes in employing graphene nanotech to offer energy solutions for two-wheeler and three-wheeler electric automobiles. Besides, its unique and effective aluminium fuel cell assists in the electrification of heavy and larger vehicles. The firm envisages promoting the use of electric vehicles for commercial purposes as such a practice does not harm the environment in any manner and results in massive cost savings.
What the Founder has to say: “It is exhilarating to get financial support from ARBL as this collaboration will propel the commercialization process of our products, which in turn will play a significant part in the future growth of Log 9. It will enable the firm to lead the industry from the front and become the biggest company in India in the nano-tech domain. The coming months are crucial for us as we seek to scale to increase our user base for rapid charging battery-tech. In addition, we intend to upgrade and modify our aluminium fuel cells tech.”- Akshay Singhal, Founder and CEO of Log 9 Materials.
What the Investors have to say: “The recent financial support to Log 9 marks the commencement of many exciting investments that we seek to make in the foreseeable future. In a dynamic and growing business domain like nano-tech, a one-size-fits-all kind of approach looks unappealing. The way we see it, Log 9 has significantly progressed in formulating promising and innovative technologies. We feel that our vision aligns perfectly with that of Log 9 and that both entities would gain from this partnership in the long run.”- Vikramadithya Gourineni, Executive Director at ARBL.
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