NoPo Nanotechnologies Bags $3 Mn From Micelio Fund, Inflexor Ventures, Others

Carbon nanotube maker NoPo Nanotechnologies has raised Pre-Series A funding of $3 Mn (around INR 24.9 Cr) co-led by Axilor Ventures’ Micelio Fund and Inflexor Ventures.

The round also saw participation from Spectrum Impact and Aureolis, along with a host of angel investors.

The Bengaluru-based company will use the fresh funds to boost its production capacity and engineering capabilities, as well as to expand globally.

Founded by Gadhadar Reddy and Kelley Bradley in 2011, NoPo Nanotechnologies produces nanotubes called single-walled carbon nanotubes (SWCNTs), which are advanced materials that have usages in the fields of electronics, sensors, semiconductors, EV batteries, medical, filtration, aviation and others. 

EV battery manufacturers use the material to improve energy density whereas researchers use it in the design of semiconductors to make quantum computing a reality. 

“There are more than 100 applications that are being developed across the world using SWCNTs ranging from desalination to cancer treatment. We are happy to partner with Micelio and Inflexor as they bring with them a wealth of knowledge and expertise in deep-tech and climate space,” said Reddy.

Jatin Desai, managing partner at Inflexor Ventures, said, “Their (Reddy and Bradley) innovations promise to revolutionise many industries including electric vehicles, semiconductors and electronics. We firmly believe that the next-generation material science space holds immense potential for transformative advancements, and we’re eager to be at the forefront of it.” 

NoPo claims it is the only player in India to have the patented technology to produce SWCNTs.

The company also plans to expand its capacity for global customers working in high energy density batteries and advanced electronics. 

In 2023, the company promoted Anto Godwin to cofounder and also roped in Arunima Patel as a cofounder. 

The company has raised $150,000 to date. In the carbon nanotubes category, the company competes against Nano-c, CHASM Advanced Materials, Natero inc, Cheap Tubes and others. 

The carbon nanotubes market size was valued at $1.1 Bn in 2023 and is expected to reach 2.3 Bn by 2028, as per research firm MarketsandMarkets.

This comes amid India’s growing focus on electronics as well as the EV segment. As per Inc42’s analysis, the Indian semiconductor market opportunity is set to surge to over $150 Bn by 2030

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