IIMA Ventures, Foundation Botnar, Sagana, and Roots Ventures led a $1.2 million seed funding round for Cancrie, a startup that focuses on cutting-edge nanocarbon materials for energy storage.
According to a press release from Cancrie, the fund will be used to meet the increasing demand for its products, scale production, speed up research and development, and establish strategic alliances to incorporate its cutting-edge nanocarbon materials into next-generation energy storage devices.
Cancrie, a company co-founded in 2020 by Akshay Jain and Mahi Singh, focuses on performance and sustainability while creating cutting-edge carbon materials for energy storage devices. High-quality carbons are produced using its patented technology to improve battery performance in a variety of chemistries, such as lead-acid, lithium-ion, sodium-ion, redox flow batteries, and supercapacitors.
Using renewable resources, the Jaipur-based company hopes to develop high-quality energy storage solutions that are affordable and achieve net-zero emissions. The company’s cutting-edge materials are a popular option for creating effective and environmentally friendly storage devices because of their high surface area, porosity, conductivity, and functional versatility.
Cancrie improves electrochemical reactions, lowers internal resistance, and boosts active material utilization by up to 14% through material specification optimization. This lessens the need for mining and contributes to the reduction of e-waste.
By 2030, the global energy storage market is expected to grow to a value of over $500 billion, according to market research.
According to Cancrie, its materials result in electrodes that are four times stronger, increase energy density by up to 20%, improve charge acceptance by up to 60%, and prolong the lifecycle of lead-acid batteries by more than 30% without increasing the battery’s cost.
