Battery materials technology startup Mitra Chem announced today that it has raised $40 million at the first close of a $60 million Series B funding round led by General Motors (GM), aimed at supporting the company’s development and commercialization solution to enable mass-market electrification.
GM said that Mitra Chem’s AI-powered platform will also help the automotive giant to accelerate its development of affordable batteries in the U.S.
Founded in 2021, Silicon Valley-based Mitra Chem produces iron-based cathodes for battery applications, helping lithium-ion battery producers shift away from the use of elements such as nickel and cobalt, which face challenges including supply shortages and mining sustainability issues. The company combines R&D, machine learning acceleration, and manufacturing to supply battery materials.
According to Mitra Chem, its proprietary technology and development process can reduce lab-to-market time by more than 90%.
The company also noted that it is one of the only U.S.-based iron-based cathode manufacturers, enabling purchasers of U.S.-made electric vehicles to qualify for the full suite of tax credits passed in the Inflation Reduction Act.
Mitra Chem CEO and Co-Founder Vivas Kumar, said:
“GM’s investment in Mitra Chem will not only help us develop affordable battery chemistries for use in GM vehicles but also will fuel our mission to develop, deploy and commercialize U.S. made, iron-based cathode materials that can power EVs, grid-scale electrified energy storage and beyond.”
GM and Mitra Chem said that they will partner to develop iron-based cathode active materials such as lithium manganese iron phosphate (LMFP), that will power affordable and accessible EV batteries compatible with GM’s Ultium architecture.
Gil Golan, GM vice president, Technology Acceleration and Commercialization, said:
“This is a strategic investment that will further help reinforce GM’s efforts in EV batteries, accelerate our work on affordable battery chemistries like LMFP and support our efforts to build a U.S.-focused battery supply chain.”
Additional investors in the Series B round include current investors Social Capital, Fontinalis Partners, Earthshot Ventures, The Keffi Group, Boutique Venture Partners, and new investors such as GS Futures, Bricks Capital Management, Zeon Ventures, Scribble VC, WovenEarth Ventures, Bonds Investment Group, and others.