alqem, a deeptech startup with offices in Munich and Coimbra, has raised €8 million in pre-seed funding. The round was co-led by UVC Partners and Union Square Ventures.
alqem was started by the team behind Alexandria, an open materials database. The company is working on rare-earth-free magnets, an area where China currently controls about 94% of the market, according to the IEA.
There has not been a major breakthrough in permanent magnet chemistry for more than 40 years. Alqem is competing with much better-funded companies like Lila Sciences, which has raised $550 million for a larger AI-for-science platform.
China makes 94% of the world’s permanent magnets. The last big discovery in magnet chemistry happened more than 40 years ago.
alqem, started by the team behind one of the largest open materials databases, wants to tackle both of these problems. The company has raised €8 million in pre-seed funding, with UVC Partners and Union Square Ventures leading the round.
