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[Funding alert] CA-based Chemix Secures $20Million in Series A Funding

Chemix , a EV-battery developer secures $20million in Series A Round Funding. Ibex Investors led the funding round, and the following investors also contributed: Porsche Ventures, Berkeley SkyDeck, Mayfield Fund, Urban Innovation Fund, BNP Paribas Solar Impulse Venture Fund (SIVF), Global Brain's KDDI Open Innovation Fund III (KDDI CVC), and SIVF.

Chemix , a EV-battery developer secures $20million in Series A Round Funding. Ibex Investors led the funding round, and the following investors also contributed: Porsche Ventures, Berkeley SkyDeck, Mayfield Fund, Urban Innovation Fund, BNP Paribas Solar Impulse Venture Fund (SIVF), Global Brain’s KDDI Open Innovation Fund III (KDDI CVC), and SIVF.

The business plans to utilise the money to grow the number of people working on software, hardware, and AI/ML development in addition to expanding its sales and marketing staff.

Chemix is an EV battery developer that employs GenAI, and its CEO is Kaixiang Lin. Its battery designs may be used to go from research and development to pilot and ultimately high-volume production at the GWh level since they are compatible with the current Li-ion battery manufacturing process.

The funding expedites Chemix’s revenue generation and product delivery, allowing the business to grow and carry out the terms of a 2-GWh cell supply contract it inked with an electric vehicle (EV) client in Q1 2024. By accelerating the development and supply of next-generation EV batteries for the quickly expanding APAC and EU markets, Chemix will increase revenue and sales funnel.

Read also – CA-based Anvilogic Secures $45Million in Series C Round Funding

With the additional cash, the company’s GenAI-powered self-driving lab will be able to grow and develop fast-charging algorithms and specialised electrode slurry in addition to producing high-performance electrolytes.

Kaixiang Lin said: “This journey has been incredibly challenging yet profoundly fulfilling, with the team achieving significant technical and commercial milestones in less than three years. Now, with this latest round of funding, I am more confident than ever in our ability to accomplish our mission even faster.”

About Chemix

Chemix is creating ground-breaking EV battery technology using AI. The development of batteries nowadays is costly, labor-intensive, and sluggish. Chemix can tenfold cut down on development time with AI. Chemix’s battery designs can be easily converted from customers’ battery R&D to mass production since they are compatible with the current Li-ion battery manufacturing capacity.

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