Cars

Metastable Materials raises pre-seed capital from multiple angel investors – ET Auto

[ad_1]

 Representative Image
Representative Image

Bengaluru-based urban mining startup Metastable Materials has raised pre-seed funding from a clutch of angel investors and venture capital firms, according to a statement. The pre-seed round (maiden fundraising round) was led by Akshay Singhal and Kartik Hajela, Co-Founders of Log9 Materials, an advanced EV battery-technology and battery manufacturing company.

Archana Priyadarshini from AL Trust was also among the lead investors in the round, which additionally witnessed participation from Sanjiv Rangrass (Ex-Group Head at ITC Limited), among other angels.

The company did not disclose the amount of capital raised in the maiden fundraising round.

Prior to this fundraise, the startup was bootstrapped, an industry term that typically refers to entrepreneurs building-on a company with their own finances or operating revenues of the new company.

Metastable Materials will be utilising the amount raised through the funding to build India’s LiB (Lithium-ion battery) supply chain infra by extracting the much-needed elements from end-of-life batteries, the statement added.

This will include scaling up Metastable’s patented process and developing corresponding supply chains. In addition, the amount raised will go a long way in team, operations and infrastructure expansion for Metastable.

“We are delighted and proud to announce our first-ever funding, which will bolster Metastable Materials’ capabilities to efficiently extract a plethora of valuable materials out of Li-ion batteries and then distribute them to the markets for application across various industries,” Shubham Vishvakarma, Founder of Metastable Materials said.

This fundraising will act as a catalyst in augmenting our efforts in the near future, Vishvakarma added.



[ad_2]
Source link

Related Articles

Back to top button