Nanotechnology start-up Log 9 Materials has secured a Pre Series-A funding of around Rs 3 crore from some of the leading investors which includes the Mahindra CIE, GEMS, Hemant Luthra, Metaform Ventures and some of the other angel investors.
This is a continuation of Log 9’s Pre Series-A funding which is received from GEMS Advisory earlier in the year 2017. The company is going to use these funds to strengthen its commercial operations, to make the product better and patented product portfolio, as well as boost its Research and Development activities, Akshay V Singhal, Founder, said on Monday.
In just within the three years of coming in the market, the Bengaluru-based Log 9 has got three innovative products to its credit, which have completed their development cycles, consolidating their niche presence across this PAN Indian market.
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.”
Log 9 has a projects which includes both in the development or the commercialization phase. The funds raised will be used to boost up and scale up production of already commercialized products and in developing new ones based on some of the scientific facts and research.
The start-up has also recently won an award for the Most Innovative Company of the Year 2018 in the ‘technology’ category by the Department of Science & Technology by was held by the government of India. Log 9 is a company which is based out of IIT Roorke, and is working in the core domain of nanotechnology and functions as a bridge between the market and the research community. It also manufactures high quality nanomaterials in bulk for some of the companies.