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Cancrie, a startup focused on advanced nanocarbon materials for energy storage, has raised $1.2 million in a seed funding round led by Roots Ventures along with participation from IIMA Ventures, Foundation Botnar, and Sagana.
The fund will be used to scale production, accelerate research and development, forge strategic partnerships to integrate its advanced nanocarbon materials into next-generation energy storage devices, and meet the growing demand for its products, Cancrie said in a press release.
Co-founded in 2020 by Akshay Jain and Mahi Singh, Cancrie specializes in developing advanced carbon materials for energy storage devices, focusing on sustainability and performance. Its patented technology produces high-quality carbons designed to enhance battery performance across various chemistries, including lead-acid, lithium-ion, sodium-ion, redox flow batteries, and supercapacitors.
The Jaipur based company aims to create superior energy storage solutions using renewable resources while maintaining affordability and achieving net-zero emissions. The company’s innovative materials offer high surface area, porosity, conductivity, and functional versatility, making them a preferred choice for building efficient and sustainable storage devices.
By optimizing material specifications, Cancrie enhances electrochemical reactions, reduces internal resistance, and increases the utilization of active material by up to 14%. This not only reduces the need for mining but also helps mitigate e-waste.
According to the market research, the global energy storage market projected to exceed $500 billion by 2030,
Without adding extra costs to the battery, Cancrie claims that its materials produce electrodes that are four times stronger, improve energy density by up to 20%, enhance charge acceptance by up to 60%, and extend the lifecycle of lead-acid batteries by more than 30%.