Bengaluru-based battery technology startup Dreamfly Innovations has secured $300,000 in funding through a round led by Rebalance Angel Community, with participation from IIM Ahmedabad’s Center for Innovation Incubation and Entrepreneurship (CIIE.CO).

The startup plans to utilize the funds for product commercialization and expanding its team.

Dreamfly aims to revolutionize the future of energy by leveraging software-defined battery (SDB) technology which employs software algorithms to optimize battery performance, efficiency, and safety.

Established in 2022, Dreamfly’s flagship product, the Graphene Battery, aims to tackle battery-related challenges faced by drone companies, including the risk of battery fires. The company claims to have reported successful pilot implementations of its technology with drone-as-a-service firms operating in agriculture, geospatial mapping, and space tech sectors.

Co-founders of Dreamfly Innovations, Saurabh Markendeya and Kajal Shah, remarked, “With two decades of experience working on SMART Batteries and various cell chemistries, we recognized a significant market opportunity. These SMART batteries with Graphene Cell Chemistry offer safety, fire resistance, and precise flight predictability, ensuring smooth flying and precision landing.”

The company said the drone, aviation, and electric vehicle battery market was dominated by Li-Ion and Li-Po technology. However, the growth of this soon-to-be $1.5 trillion industry is crippled due to performance, safety, and durability concerns.

After a series of fires in electric vehicles last year, Minister of Road Transport and Highways of India Nitin Gadkari warned that any EV company found to be negligent in its manufacturing process will face heavy penalties.

Dreamfly also stated it is developing India’s first gallium nitride-based semiconductor chip dedicated to battery controller systems, enhancing the efficiency and durability of battery systems.

Highlighting India’s transition toward an electron economy and emphasizing the government’s ambitious target of 30% electrification by 2030, Chintan Antani, VP of Seed Investments at CIIE.CO, said  battery systems are one of the most important power storage and generation pillars.

In the first half (1H) of 2023, corporate funding for energy storage companies reached $7.1 billion across 59 deals, according to Mercom Capital Group’s 1H and Q2 2023 Funding and M&A Report Storage and Grid Report.