India-based battery technology company, Dreamfly Innovations, has raised US$1.4 million in its seed funding round led by Avaana Capital, with participation from Sunicon Ventures and other existing investors.
Founded in 2022, Dreamfly is developing fire-resistant thermal batteries and sustainable, high-performance graphene-based solutions. The company focuses on high-performance batteries for drones, aviation, and aerospace, with clients including Tata Advanced Systems Ltd., Larsen & Toubro, General Aeronautics, and Neosky India Ltd.
The funds will be used to expand production capacity, grow its workforce, and advance research and development efforts.
In September 2023, Dreamfly Innovations secured $300,000 in funding through a round led by Rebalance Angel Community, with participation from IIM Ahmedabad’s CIIE.CO (Center for Innovation Incubation and Entrepreneurship).
