Mitra Future Technologies Inc. (Mitra Chem), a manufacturer of lithium-ion battery materials, has raised USD 40 million in a Series B funding round led by General Motors (GM). This brings the company's total funding to USD 87.1 million.

Mitra intends to use the funds to scale up its R&D and pilot operations and move toward commercializing its iron-based cathode active materials (CAM). Furthermore, the company will be partnering with GM to develop CAM such as lithium manganese iron phosphate (LMFP) for the latter’s EV propulsion architecture, the Ultium Platform.   

Other participants in the round included existing investors such as Social Capital, Fontinalis Partners, Earthshot Ventures, The Keffi Group, and Boutique Venture Partners and new investors such as GS Futures, Bricks Capital Management, Zeon Ventures, Scribble VC, WovenEarth Ventures, and Bonds Investment Group.

Founded in 2021, Mitra Chem is a US-based lithium-ion battery materials manufacturer developing iron-based cathode materials for EVs and grid-scale energy storage systems. The company claims that its in-house machine learning technology and manufacturing process is able to shorten the time taken to commercialize a product by over 90%. To support this, Mitra has established an R&D facility that is able to synthesize and test thousands of cathode designs per month.