In a seed fundraising round led by Roots Ventures and IIMA Ventures, Cancrie, a firm that specializes in cutting-edge nanocarbon materials for energy storage, has raised $1.2 million.

According to a press release from Cancrie, the investment will be used to fulfill the increasing demand for its products, scale manufacturing, speed up research and development, and establish strategic alliances to incorporate its cutting-edge nanocarbon materials into next-generation energy storage systems.

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 unique process 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 startup hopes to develop high-quality energy storage technologies 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 adaptability.

Cancrie improves electrochemical processes, 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 worldwide energy storage industry 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 longevity of lead-acid batteries by more than 30% without increasing the battery's cost.

Co-Founders Dr. Akshay Jain and Mahi Singh states, "Our nanocarbon materials mark a major advancement in green energy storage by delivering higher-quality batteries. Our top priority is scaling up production to meet the growing demand from our customers, and this funding has been the key enabler in achieving that goal."