Mitra Chem is developing materials intended to make lithium‑iron‑phosphate (LFP) batteries store more energy. The company aims to produce cheaper, domestic LFP materials as automakers turn to LFP to lower EV battery-pack costs; currently all LFP material is sourced from outside the United States, with the majority from China. Mitra Chem is raising a planned $50 million round and has closed $15.6 million so far, according to a regulatory filing. South Korea’s L&F Corporation reportedly invested $10 million in March and is a likely participant in the new round. The startup previously closed a $60 million Series B in 2023 led by GM with participation from In‑Q‑Tel, Social Capital and others, and had a $20 million Series A in 2021 led by Social Capital. The company was awarded a $100 million Department of Energy grant last year to build a battery materials plant in Michigan; that award remains on the books but has not yet been paid out. The current fundraise comes amid slower‑than‑expected EV sales and political pressure in Washington that could affect EV incentives. Mitra Chem develops and commercializes iron‑based cathode active materials (CAM) such as lithium manganese iron phosphate (LMFP) for lithium‑ion batteries targeting EVs, grid storage and other electrification markets. The company pairs R&D, manufacturing, and physics‑informed machine learning to shorten lab‑to‑market timelines by more than 90% and can synthesize and test thousands of cathode designs monthly at gram‑to‑kilogram scale. Its atoms‑to‑tons acceleration platform automates formulation discovery, synthesis optimization, cell‑lifetime evaluation and process scale‑up via an in‑house cloud platform. Mitra Chem is positioning itself as a U.S.-based supplier to OEMs and battery cell customers and reports sample demand from nearly every global Tier‑1 cell maker and multiple household‑name automotive OEMs. The company says the Inflation Reduction Act has increased demand for domestically made battery materials and its products can help purchasers qualify for related tax credits. Financially, Mitra Chem announced a $40M first close of a $60M Series B to scale R&D and pilot operations and accelerate commercialization. The firm previously completed a $20M Series A in November 2021. Mitra Chem is building iron-based cathodes intended for non-Chinese battery applications to reduce U.S. exposure to China’s dominance of the battery supply chain. The company plans to manufacture cathodes and is constructing a lab in Mountain View, California, with pre-pilot production capacity targeted by mid-2022. Mitra Chem says it will use a machine-learning process pioneered by co-founder and Stanford materials professor Will Chueh to accelerate scaling from lab to production. CEO and co-founder Vivas Kumar previously worked on Tesla’s battery supply chain and frames the effort as both a geopolitical and commercial response to growing EV demand. The startup is positioning iron chemistry as a cost-effective option that automakers—including Tesla—are increasingly adopting as patents expire and demand shifts. Board additions include investor Chamath Palihapitiya and supply-chain executive Will Drewery.

Total raised

$76M

Funding rounds

3

Latest round

Equity

Latest activity

Jun 2025