International Battery Company receives $35 million funding led by RTP Global

International Battery Company (IBC), a product and technology company that specialises in the creation of eco-friendly, large-sized rechargeable Prismatic Li-ion NMC batteries, has raised $35 million led by RTP Global, an early-stage venture capital firm, the company announced on Thursday, January 18, 2023.
 
Other investors who participated in the round include Beenext, Veda VC, and other strategic South Korean and US investors.
 
IBC will use this investment into a 50 MWh capacity manufacturing plant and to develop United Nations 38.3 and BIS-certified, ready-for-delivery battery cells for the Indian market.
 
IBC is a product-tech company founded in 2022 by Priyadarshi Panda, an MIT and IIT Kanpur alumni. Headquartered in Sunnyvale, California, IBC specialises in the development of large-scale, environmentally friendly Prismatic Li-ion NMC batteries. With roots in R&D in the United States and manufacturing in South Korea, IBC is preparing to expand its Giga manufacturing plant to India.
 
"Our investment in International Battery Company underscores RTP Global's steadfast and ongoing commitment to sustainable technology investments. It reinforces our strategy of investing in early-stage, innovative ventures and our long-term support for their visionary founders. IBC's work in EV battery tech aligns perfectly with our mission to back transformative projects that have a positive impact on a global scale," said Nishit Garg, partner on RTP Global’s Asia investment.
 
RTP Global funds innovators that utilise technology to redefine how the world works. Since 2000, RTP Global has made over 110 investments globally. Some of its notable investments include Datadog, DeliveryHero, Cred, and SumUp. The VC firm has offices in New York, London, Paris, Dubai, and Bengaluru.
 
Other startups that have raised funding this week include health and wellness brand Zingavita and biotech firm Vgenomics. Kisankonnect, a fully integrated fresh produce agro start-up, raised Rs 31 crore ($3.74 million) in its pre-series A round of funding.