HomeUSABedrock Materials Raises $9M in Seed Funding

Bedrock Materials Raises $9M in Seed Funding

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Bedrock Materials
Governor J.B. Pritzker (left) welcoming Bedrock Materials CEO Spencer Gore (right) at the Illinois EV Industry Day.

Bedrock Materials, a Chicago, IL-based battery technology startup launched out of Stanford University in 2023, raised $9M in Seed funding.

The round was led by Trucks Venture Capital, Refactor Capital, and Version One Ventures. Additional investment was provided by Hanover Technology Investment Management, SpaceCadet Ventures, Brainstorm Capital, Evergreen Climate Innovations, Expansion VC, Climate Capital, Quest Venture Partners, Meliorate Partners, Valia Ventures, Ritual Capital, and individual angel investors.

Concurrent with this move, Bedrock Materials also secured an incentives package from the Illinois State Government under the Reimagining Electric Vehicles in Illinois Act, contingent upon achieving specific job creation and capital investment targets.

The company intends to use the funds to expand operations and its development efforts.

Founded in 2023 by Rafael Vila, CTO and a battery scientist from Stanford University, and CEO Spencer Gore, Bedrock Materials specializes in producing essential materials for low-cost, eco-friendly sodium-ion batteries, which are seen as an alternative to lithium-ion versions, utilizing affordable, widely available materials. Last month, the company began R&D scale production of battery precursor materials at its facility in Near West Chicago.

FinSMEs

16/05/2024

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