Log 9 Materials raises $8.5M in Series A+ round led by Amara Raj Batteries
Bangalore-based Deeptech startup Log 9 Materials announced on 9 August 2021 that the company has entered into an equity partnership and collaboration with Amara Raja Batteries Limited (ARBL).
The startup raised an investment of $5 million from Amara Raja Batteries Limited in its Series A+ funding round, alongwith $3.5 million from existing investors including Exfinity Venture Partners and Sequoia Capital India's Surge Programme and other new investors.
ARBL’s investment is a part of the 'Energy and Mobility' strategy announced by the company in June 2021, with the primary focus on entering into new green technologies and solutions.
Log 9 Materials
Founded by Akshay Singhal in 2016, Log 9 Materials is on a mission to make global energy 100% clean.
The startup has developed fast-charging batteries for electric vehicles, which will benefit in extending the life of the power unit and promote adoption of EVs.
Their main USP is the very-short charging time. It can increase the battery life by three to five times as compared to a normal battery despite being exposed to heavy commercial usage, Founder and CEO Akshay Singhal said.
The firm has signed up for pilot projects for these batteries with giants like Amazon, Vogo, Delhivery and Shadowfax and other key fleet operators in cities like Delhi, Bangalore, Hyderabad, Chennai and Mumbai.
According to Akshay, the fresh capital will be utilised to expand production capacity and business development efforts of Log 9’s latest innovation- Rapid Charging Battery technology, which has successfully completed pilots and is due for commercial roll-out in October this year. The development and advancements of their Supercapacitor and Aluminum Fuel Cells will also continue to happen parallelly.
Vikramadithya Gourineni, Executive Director at ARBL, said, “Our investment is in line with ARBL’s plans to invest in cutting-edge technologies to accelerate its evolution towards becoming an ‘Energy & Mobility’ enterprise.”
Chinnu Senthilkumar, General Partner and CTO, Exfinity Ventures, said, “In the last 18-24 months, Log 9 Materials has made tremendous progress, both on core technology development and strategic OEM business tie-ups. ARBL's anchor participation in the Series A+ round and strategic partnership further validates Log 9's cutting-edge technology solutions and its future commercial potential.”