Climate-Tech Startup Newtrace Raises $5.6 Million In Funding From Sequoia, Others
Amount Raised
$5.6 Million
Round Type
Funding Round
IndiaManufacturingDescription
Climate-tech startup Newtrace on Wednesday said it has raised $5.65 million in a seed funding round led by Sequoia Capital India and Aavishkaar Capital.The other investors included Urban Ladder founder Ashish Goel and IKP Knowledge Park, and returning investors Speciale Invest and Micelio Fund.The company said in a statement that it will use the money to drive the expansion of Newtrace’s electrolyser manufacturing and deployment capabilities in India and abroad."We are thrilled to secure this round of funding, which will enable us to scale our operations and meet the growing demand for our innovative electrolysers," Prasanta Sarkar, CEO and co-founder of Newtrace, said.The startup’s proprietary and patent-pending electrolyzer technology is designed to obtain ultrapure hydrogen. It said it achieves up to 60% reduction in overall production cost by combining a fluid engineering technology with an enhanced electrocatalyst that utilises no rare earth metals.Powered ByVideo Player is loading.Play VideoPlaySkip BackwardUnmuteCurrent Time 0:00/Duration 50:03Loaded: 0.36%00:00Stream Type LIVESeek to live, currently behind liveLIVERemaining Time -50:03 1xPlayback RateChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedAudio Trackdefault, selectedPicture-in-PictureFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanOpacityOpaqueSemi-TransparentText BackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanOpacityOpaqueSemi-TransparentTransparentCaption Area BackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanOpacityTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.AdvertisementThe hydrogen gas is collected and used for various industrial applications. The use of advanced manufacturing and a real-time analytics platform have made Newtrace’s electrolyzers a lucrative option for quick deployment and integration across industries, the statement added.Discover the stories of your interestBlockchain5 StoriesCyber-safety7 StoriesFintech9 StoriesE-comm9 StoriesML8 StoriesEdtech6 StoriesNewtrace, launched in 2021, said it aims to deploy its electrolysers in sectors such as refineries, fertilisers, chemicals, steel and cement, and transportation
Who else raised in Manufacturing around the same time
Companies in the same sectors as Newtrace that raised within 45 days of this round, from Fundz verified event records.
- Regrip raised an undisclosed amount (Funding Round) on July 15, 2023.
- A1C Drink raised $380K (Seed) on July 15, 2023.
- COLUMBIA NUTRITIONAL raised $2.2M (Seed) on July 14, 2023.
- CurvaFix raised $39M (Series C) on July 14, 2023.
- Hillcrest Energy Technologies raised $6K (Seed) on July 14, 2023.
- Gilson Snow raised $953K (Seed) on July 14, 2023.
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