Log 9 secures $2M in Petronas Ventures Led Funding Round
Battery-tech startup Log 9 raised $2 million in a funding round led by Petronas Ventures, the capital venture arm of global energy and solutions company Petronas. The startup also raised $8.5 million in a Series A+ round led by Amara Raja Batteries back in August. The participants of the round included Exfinity Ventures and Sequoia Capital India’s Surge Programme, among others. Log 9 has stated that it has completed its Series A+ round with over $10 million.
The company plans on using the capital raised to launch and scale the InstaCharge Network of electric vehicles.
Co-founder Akshay Singhal stated, “We are happy to wind up our Series A+ round with the latest fundraise from Petronas Ventures — which enables us to accelerate our ongoing mission of introducing our breakthrough InstaCharge (rapid charging) battery technology to a plethora of end-users and in positioning Log 9 as the largest Indian player in advanced cell chemistries.”
The company plans to deploy about 5,000 vehicles into its InstaCharge network. Log 9’s RapidEx batteries are able to charge fully in 15 minutes for two-wheeler vehicles and 40 minutes for three-wheeler vehicles. The startup claims that these batteries have a life cycle of 15,000 charges, which is equivalent to over 15 years of usage.
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