TLDR:
- Chemix, an EV-battery developer based in Sunnyvale, CA, raised $20M in Series A funding.
- The funding round was led by Ibex Investors, with participation from other notable investors.
Chemix, a Sunnyvale, CA-based EV-battery developer, has successfully closed a $20M Series A funding round. The company, led by CEO Kaixiang Lin, plans to use the funds to expand its team driving AI/ML, software, and battery development, as well as sales and marketing. Chemix’s battery designs are compatible with existing Li-ion battery manufacturing, providing a seamless transition from R&D to production at the GWh level.
The funding round was led by Ibex Investors, with participation from Mayfield Fund, Berkeley SkyDeck, Urban Innovation Fund, BNP Paribas Solar Impulse Venture Fund (SIVF), Global Brain’s KDDI Open Innovation Fund III (KDDI CVC), and Porsche Ventures. With this new capital infusion, Chemix aims to accelerate its product delivery and revenue, enabling the company to scale up and execute on a 2-GWh cell supply agreement signed with an EV customer in Q1 2024.
CEO Kaixiang Lin expressed confidence in the company’s ability to accomplish its mission even faster with the latest round of funding. The new funds will also enable Chemix to expand its GenAI-powered self-driving lab, further enhancing its capabilities in electrolyte development, electrode slurry design, and fast-charging algorithms development. The company plans to scale revenue and sales pipeline by ramping up next-gen EV battery development and delivery for rapidly growing APAC and EU markets.
Overall, the Series A funding obtained by Chemix signals a significant milestone for the company and sets the stage for accelerated growth and innovation in the EV-battery development space.
