Urban mining platform Metastable Materials gets its pre-seed round of funding

• ByStartupStory     |    July 1, 2022

Urban mining startup Metastable Materials, based in Bengaluru has raised an undisclosed amount of pre-seed funding in its initial fundraising round from a number of angel investors and venture capital firms. 

The pre-seed round of funding was led by Akshay Singhal and Kartik Hajela, the co-founders of Log9 Materials, a manufacturer of advanced EV batteries. Sanjiv Rangrass (ex-group head at ITC Limited), among other angel investors, joined Archana Priyadarshini, general partner at PointOne, as one of the round’s lead investors. The startup was bootstrapped before this fundraiser.

The money raised through the funding will be used by Metastable Materials to build the infrastructure for India’s LiB (Lithium-ion battery) supply chain by removing the essential components from dead batteries. 

The founder of Metastable Materials, Shubham Vishvakarma stated, “We are thrilled and proud to announce our first-ever funding- which will strengthen Metastable Materials’ abilities to successfully extract a wide range of valuable materials from Li-ion batteries and then distribute them to the markets for use across a variety of industries. We can be sure that this fundraising effort will serve as a catalyst for accelerating our efforts in the near future.”

Since its founding in October 2021, Metastable Materials has worked diligently to provide environmentally friendly solutions by adapting the “waste-as-ore” approach for lowering the overall life-cycle cost of lithium-ion batteries and fostering a circular economy.

Kartik Hajela, Co-Founder, Log9 Materials said, “Urban mining will not only help in reducing the burden for newly-mined materials from Earth-like Lithium etc. but can also be a significant piece in reducing India’s global dependency for raw materials for batteries. Urban mining must be scaled, and for this reason, Metastable’s proprietary process can aid in scaling this industry sustainably.”

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