23 July 2018, India:
Bengaluru based nanotechnology start-up Log 9 Materials has raised about ₹3 crore in Pre-Series A round of funding.
Metaform Ventures, Mr. Hemant Luthra, Chairman, Mahindra CIE, GEMS and other angel investors participated in the funding round. This is a continuation of Log 9’s Pre Series-A funding received from GEMS Advisory earlier in 2017.
The startup will use the fresh capital to strengthen its commercial operations and patented product portfolio, as well as boosting R&D activities extensively.
“Being a nanotechnology company working on a wide area of applications, Log 9 has an array of projects under its umbrella, ranging from air filtration products, water filter beds, oil spill management to next generation batteries for Electric Vehicles; our projects are currently in the development or the commercialization phase. The significant amount of funds raised through the recent Pre-Series A round will be utilized in scaling up production of already commercialized products and in developing new-ones via evidence-based scientific research,” said Mr. Akshay V Singhal, Founder, Log 9 Materials.
Mr. Singhal added, “For us, the last year has been a year of experimentation for perfection. For the past 8 months or so we have been in developing the prototype of a product based on metal-air battery concept into viable technology, which will provide a clean and effective solution in terms of energy generation for Electric Vehicles. This will make EVs more viable by providing a driving range of more than 1000 kms and quick recharging time. We are also looking forward to create a disruption in the oil spill industry by our grapheme-based products which are upto 5 times more effective than current technologies available. The long-term goal is to augment research capabilities so as to invent breakthrough technologies and products in this domain which will act as a boon for the sustainable future of mankind.”
While the earlier investment received by Log 9 was utilized in developing lab scale ideas into cost effective, commercial products such as Log 9 Oil Sorbent Range, and in exploring usable cases of various materials of the Graphene family in the areas of air, water, and oil purification; the fresh capital will help the start-up in narrowing down its approach from a plethora of Graphene-based applications to the domains of filtration and energy where the company wants to be focused, the company said in a statement.
Log 9 Materials is a IIT Roorkee spin-off working in the nanotechnology domain. It focuses on Graphene Nanotechnology, with an aim to innovate and develop end user commercial applications of the wonder material ‘Graphene’. It functions as a bridge between the market and the research community providing mankind the access to life changing products.
(Image – Log 9 Materials)