Mumbai-based startup, Gegadyne Energy Labs Pvt Ltd, announced that it has raised funding from the Mumbai Angels Network. However, the amount raised is yet to be disclosed.  The startup intends to use the funds raised to further develop its indigenously built battery technology in addition to carrying out tests for commercial applications. According to a press note released by the Mumbai Angels Network, the patent on Gegadyne’s battery technology is still pending. The startup has claimed that its technology beat the conventional lithium-ion batteries not only in terms of utility, but also in terms of cost and convenience.

“A new concept needs the right set of people and the right source of financing to transform it into something tangible. In our case, MA’s timely guidance and the vast network have put us in touch with investors who bring not only a financial backing to this venture, but the much-needed connections that this industry demands,” said Jubin Varghese and Ameya Gadiwan, founders, Gegadyne.

Gegadyne Energy was founded in 2015 by Jubin Varghese and Ameya Gadiwan. In its own words, the startup has developed “a high performance energy system with improvement in energy density that can charge in seconds and work for hours.” It has claimed that its battery system will have an operating life that is 50 times that of a lithium-ion battery.

“With the world moving towards electric vehicles and efficient low-cost batteries, Gegadyne’s patent pending super capacitor graphene-based battery would be the game changer replacing the Lithium ION batteries,” said Nirav Choksi, Deal Lead, Mumbai Angels Network.

The investment received by the startup will allow its team to make the batteries smaller in size and lighter in weight. The batteries will become affordable for end users as well. The Mumbai Angels Network reportedly expects the startup to become a global name in the arena of sustainable technologies.

(Picture courtesy: Gegadyne Energy)