Chemix, a Sunnyvale, CA-based EV-battery developer, raised $20M in Series A funding.
The 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.
The company intends to use the funds to expand its team driving AI/ML, software, and battery development, as well as sales and marketing.
Led by CEO Kaixiang Lin, Chemix is an EV battery developer that uses GenAI. Its battery designs are compatible with existing Li-ion battery manufacturing, providing a transition from R&D to pilot and eventually high-volume production at the GWh level.
The financing accelerates Chemix’s product delivery and revenue, enabling the company to scale up and execute on 2-GWh cell supply agreement it signed with an EV customer in Q1 2024. Chemix will scale revenue and sales pipeline by ramping up next-gen EV battery development and delivery for rapidly growing APAC and EU markets. The new funding will also enable the expansion of its GenAI-powered self-driving lab, extending its capabilities from creating high-performance electrolytes to specialized electrode slurry design and fast-charging algorithms development.
Commenting on the news, 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.”
FinsMEs
25/04/2024