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Bengaluru-based deeptech startup Newtrace has raised $6.3 million (INR 56.93 crore) in a pre-Series A funding round led by HDFC Bank and Mitsui Sumitomo Insurance Venture Capital.
The round also saw participation from Surge, Aavishkaar Capital, Speciale Invest, Micelio Technology Fund, along with angel investors Manish Prataprai Gandhi and Renu Manish Gandhi.
The startup plans to use the funds to support pilot-scale manufacturing, customer validation, and supply agreements, while also expanding its manufacturing and engineering capabilities. Newtrace expects to begin initial commercial deliveries of its Voltagen electrodes within the next 12 months.
Founded in 2021 by Prasanta Sarkar and Rochan Sinha, Newtrace develops high performance electrode technology for alkaline water electrolyzers used in green hydrogen production. It primarily serves electrolyzer OEMs, green hydrogen project developers, and industrial gas companies, positioning its technology to support India’s growing electrolyzer manufacturing ecosystem as well as global customers seeking higher efficiency and reliable supply chains.
Commenting on the fundraise, Prasanta Sarkar, CEO and Co-founder of Newtrace said, “Green hydrogen’s cost problem is fundamentally a materials and manufacturing challenge. 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.”
“We built Newtrace to address the most critical and underinvested component of the electrolyzer stack. Our focus now is on translating our technology into reliable, scalable manufacturing that can serve the global hydrogen economy,” Rochan Sinha, CTO and Co-Founder of Newtrace added.