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SWCNTs producer NoPo Nanotechnologies raises $3 mn in pre-series A funding

NoPo specializes in the production of single-walled carbon nanotubes (SWCNTs), a material that holds promise across various applications, ranging from usage by EV battery manufacturers

Rupee, Indian Rupee

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BS Reporter Mumbai

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Bengaluru-based startup NoPo Nanotechnologies has secured a pre-Series A funding round of $3 million, co-led by deep tech funds Axilor’s Micelio Fund and Inflexor Ventures.

The company plans to deploy the funds to scale up production, enhance engineering capabilities, and execute a global go-to-market strategy. The round was also subscribed by other climate-focused funds Spectrum Impact, Aureolis, and other angel investors.

Founded by Gadhadar Reddy and Dr Kelley Bradley, NoPo is in the production of single-walled carbon nanotubes (SWCNTs). Reddy and Dr Bradley have been working on building the technology over the past decade.

SWCNTs are an advanced material that holds promise across various applications ranging from usage by EV battery manufacturers where the material can improve energy density to usage by researchers in the design of semiconductors to make quantum computing a reality.

“There are 100+ applications that are being developed across the world using SWCNTs ranging from desalination to cancer treatment. NoPo is excited to be a pioneer in driving the development of this material and its associated applications. We are happy to partner with Micelio and Inflexor as they bring with them a wealth of knowledge and expertise in the deep-tech and climate space,” said Gadadhar Reddy, founder and CEO, NoPo.

NoPo is the only player in India and one of the few globally to have developed the technology to produce SWCNTs using a proprietary patented method. The company has been manufacturing the material consistently for the last five years and is now focusing on expanding capacity for global customers working in high energy density batteries and advanced electronics.

Jatin Desai, managing partner at Inflexor Ventures, stated, “Their groundbreaking innovations promise to revolutionise many industries including electric vehicles, semiconductors, and electronics. We firmly believe that the next-generation material science space holds immense potential for transformative advancements, and we're eager to be at the forefront of it.”

“Our investment in NoPo through Micelio Technology Fund is rooted in our philosophy of backing deep-science advancements to catalyse the transition to clean mobility. We believe materials innovation has the potential to transform many industries and applications,” said Alok Chauhan, principal, Axilor’s Micelio Fund.

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First Published: May 22 2024 | 5:30 PM IST

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