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Praan, which is a California and Mumbai-based startup, has raised $1.56 million in the investment round headed by Social Impact Capital. It is also reported that Better Capital, Paradigm Shift Capital, Avaana Capital, and Texas-based Quality of Life Investments (Angel Syndicate) also participated in the recent round of funding.
Angel Investors, including Dr. Maulik Majmudar (Chief Medical Officer Amazon, Biofourmis), Surya Panditi (CEO, Enel X), Dr. Ritesh Malik (Founder, Innov8), Akshay Singhal (Founder & CEO, Log9 Materials), and Mehul Shah (Director, DSP Design Architects), have also taken part in the fundraising endeavor.
These newly infused funds will be used by Praan to drive the growth and expansion of the startup’s Indian team, as per the company spokesperson. It will also be utilized to bring the patent-pending core technology to real large-scale pilots through B2B deployments.
Praan has stated that the VC funds will be channeled into stabilising manufacturing, and democratising technology so that it can deliver clean air for just one rupee per person per day. The company also intends to accelerate its attempts to Direct Air Carbon Dioxide (CO2) Capture in both India and the United States.
Praan has enhanced its supply chain and worked with three manufacturing companies to manufacture its MK One product in India since the company launched. The organization has adequately proved its capability to capture CO2 from the lab's air.
Angad Daryani, Founder & CEO, of Praan, stated that the funds raised in this round will enable them to scale up and help more than three billion people with provision to clean and breathable air globally.
Praan's special projects team is currently working on establishing a one-ton CO2/day capture facility by 2022, with support from Microsoft for Startups, ANSYS Startup Program, and Autodesk Foundation. Its primary focus is on strengthening and scaling the air pollution mitigation technologies. Praan was also a part of the Create-X Startup Accelerator Program at Georgia Tech.