Log9 Materials (1) was there when the Indian Army was looking for solutions to keep the force’s equipment safe from coronavirus. It is a nanotechnology startup that offers COVID-19 ovens to armed forces to sanitize their bullet-proof jackets, masks, and other regularly used items.
Furthermore, the AIIMS, All India Institute of Medical Sciences, multiple government departments, and airports use the firm’s ultra-violet boxes. The medical institute has been at the forefront against India’s pandemic war. At present, more than 2,000 customers are using these solutions across India, France, Nepal, and Sri Lanka, among other countries.
Akshay Singhal, the Co-founder of Log9 Materials, stated that the company is looking to secure 10 million USD in equity fundings. Notably, the company is already in talks with global funds for its upcoming fundraising. Akshay added that the team is looking for clean energy and social impact funds for a strategic round.
With the latest funds, the company aims to ramp up its production and find new buyers for its products. Since its inception, Log9 materials have secured 24 crore INR from Sequoia Surge and Exfinity Venture Partners.
Log9 Materials Working Hard to Overcome Dee-tech Startup Challenges
Akshay Singhal, a Ph.D. in nanotechnology, partnered with Kartik Hajela, alumni of IIT Roorkee, and started the company in 2015. Notably, a US-based drug delivery company, LeadInvent Pharma, is the co-founding advisor of the Log9 Materials.
They have created a product branded as Sorbene, and the company claims that it can absorb oil up to 86x of its weight. Moreover, they are also working with Reliance Industries to supply these graphene-based products for industrial-grade deployment.
However, building a deep-tech startup in India is a huge challenge. Unlike the consumer-focused counterparts, deep-tech innovators find it difficult to convince local investors and the government for help since they hardly understand it.
Another challenge includes manufacturing high-end tech-enabled products in India. Singhal stated that local equipment manufacturers could make simple machines. However, for complicated designs, the company needs to set up an in-house manufacturing facility. And that’s why Log9 Materials is looking to raise more money.