Cancrie, a startup specializing in 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, Fondation Botnar, and Sagana.
The funds raised will be used to scale production, advance research and development, and establish strategic partnerships for integrating its materials into next-generation energy storage systems.
The company also plans to ramp up production to manufacture 50,000 batteries per month while continuing to refine its technology.
Akshay Jain, Co-Founder and CEO, and Mahi Singh, Co-Founder of Cancrie said in a joint statement, “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.”
“We have seen the founders’ journey from day zero, and their attempt to optimize energy storage through an innovative nanocarbon technology is crucial in the advancement of the battery tech value chain. The team’s strong technical expertise, early market validation, and chemistry-agnostic material approach brings significant market potential,” said Vipul Patel, Partner Seed Investing, IIMA Ventures.
Founded in 2020 by Akshay Jain and Mahi Singh, Cancrie specializes in developing high-performance carbon materials compatible with various battery chemistries, including lead-acid, lithium-ion, sodium-ion, and redox flow batteries. The company states that its patented technology is designed to enhance battery efficiency while maintaining affordability and supporting net-zero emission goals.
By using agricultural waste as a raw material, the company aims to offer an alternative to traditional energy storage solutions while reducing dependency on mining and minimizing e-waste.
According to the company, its nanocarbon materials enhance electrochemical reactions, reduce internal resistance, and increase active material utilization by up to 14%.
These materials reportedly improve energy density by 20%, enhance charge acceptance by 60%, and extend the lifecycle of lead-acid batteries by more than 30%, all without increasing production costs. Additionally, each battery incorporating Cancrie’s technology is estimated to reduce carbon emissions by 0.25 kg of CO2. For lithium-ion hybrid batteries, energy density improvements could reach up to 50%, while lithium-iron phosphate batteries may see a 15% increase.
