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Cancrie, a startup working on advanced nanocarbon materials for energy storage, has raised $1.2 million in a seed funding round led by Roots Ventures and IIMA Ventures.
The startup plans to use the funds to increase production, speed up research and development, form key partnerships to include its advanced nanocarbon materials in next-gen energy storage devices and keep up with rising demand for its products.
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Dr. Akshay Jain, Co-Founder and CEO, and Mahi Singh, Co-Founder of Cancrie said in a joint statement, "Our nanocarbon materials mark a major advancement in green energy storage by delivering higher-quality batteries. Our top priority is scaling up production to meet the growing demand from our customers, and this funding has been the key enabler in achieving that goal."
Vipul Patel, Partner Seed Investing, IIMA Ventures, said, "We have seen the founders' journey from day zero, and their attempt to optimize energy storage through an innovative nanocarbon technology is crucial in the advancement of the battery tech value chain. The team's strong technical expertise, early market validation, and chemistry- agnostic material approach brings significant market potential."
About Cancrie
The Jaipur- based Cancrie was founded in 2020 by Akshay Jain and Mahi Singh, it focuses on creating advanced carbon materials for energy storage devices, with an emphasis on sustainability and performance. Their patented technology produces high-quality carbon that boosts battery performance in various types of batteries, such as lead-acid, lithium-ion, sodium-ion, redox flow and supercapacitors.
The company aims to provide better energy storage solutions using renewable resources, while keeping costs affordable and achieving net-zero emissions. Their materials are designed with high surface area, porosity, conductivity, and versatility, making them ideal for efficient and sustainable energy storage devices.
By optimizing these materials, Cancrie improves electrochemical reactions, lowers internal resistance, and increases the use of active material by up to 14%. This reduces the need for mining and helps cut down on e-waste.
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