Newtrace, a deeptech startup based in Bengaluru, has raised $6.3 million (INR 56.93 crore) in a Pre-Series A funding round. The round was led by HDFC Bank Limited and Mitsui Sumitomo Insurance Venture Capital.
Existing investors also joined the round, including Aavishkaar Capital, Speciale Invest, Micelio Technology Fund, and Peak XV Partners’s Surge program. Angel investors Manish Prataprai Gandhi and Renu Manish Gandhi also participated.
The new funding will help Newtrace expand its manufacturing and engineering capabilities. The company also plans to support pilot production and product testing with customers.
With this progress, Newtrace expects to start its first commercial deliveries of Voltagen electrodes within the next year, along with building supply partnerships with industry players.
“Voltagen represents a new materials foundation that enables the efficiency and durability required to make green hydrogen cost competitive. This funding allows us to transition from proving the science to scaling manufacturing,” cofounder and CEO Sarkar said.
“We built Newtrace to address the most critical and underinvested component of the electrolyzer stack,” said Rochan Sinha, CTO and Co-Founder of Newtrace. “Our focus now is on translating our technology into reliable, scalable manufacturing that can serve the global hydrogen economy.”
Newtrace was founded in 2021 by Prasanta Sarkar and Rochan Sinha. The startup develops electrolysers that help produce low-cost green hydrogen. Its patent-pending technology can create ultra-pure hydrogen while reducing production costs by up to 60%.
The company plans to use its resources to focus on pilot production, customer testing, and signing supply agreements with industry partners. It is also working to expand its manufacturing and engineering capabilities.
Newtrace currently operates from a 30,000 square foot facility in Bengaluru, where a team of more than 45 engineers and scientists is working on developing and scaling its technology.
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