Mitra Future Technologies Inc., a Mountain View, Calif.-based lithium-ion battery materials innovator, raised $20m in Series A funding.
The round was led by Social Capital, with participation from Richard Tsai, Fontinalis Partners, Integrated Energy Materials and Earthshot Ventures.
The company will use the capital to invest in product R&D and expand North American pre-pilot production capacity.
Led by CEO and Co-Founder Vivas Kumar, Mitra Chem is a lithium-ion battery materials product company focused on iron-based cathodes for non-Chinese battery applications. Iron-based cathodes shift away from the use of elements such as nickel and cobalt, which are facing imminent supply crunches and overconcentration of investment in China.
Chamath Palihapitiya, founder and CEO of Social Capital, and supply chain executive Will Drewery have joined the company’s board of directors.