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SpinDrive raises pre-Series A funding
- October 21, 2021
- 2:31 pm
- Lappeenranta, Finland
Finnish cleantech company SpinDrive has raised 1.6 M€ in pre-Series A funding round. SpinDrive improves the energy efficiency of industrial processes by providing active magnetic bearings to equipment manufacturers easily and affordably. Magnetic bearings are digital bearings that enable to reach the highest possible rotational speed and completely eliminate friction. SpinDrive solution reduces rotating equipment lifecycle costs by 35%.
The round is led by Finnish venture capital firm Innovestor. It is supported by SpinDrive seed round investor Butterfly Ventures. German investor Born2Grow has joined the round, strengthening the company’s position in the Western European market. Impact investor SDGx supported the round, verifying the enormous CO2 mitigation potential of SpinDrive solution and alignment with UN Sustainable Development Goals. SpinDrive will leverage the private investment with soft funding.
Carbon neutral future can be built only on breakthrough innovations and technologies. Our digital bearings revolutionize the traditional bearing industry. We help our customers to save money by improving their energy efficiency and significantly decreasing the regular maintenance needs.
We are excited to work with SpinDrive’s highly motivated team. Thus far, they have demonstrated excellent execution capabilities to bring the company to where it is today. Together, we hope to help them quickly penetrate a huge addressable market. Furthermore, Innovestor firmly believes that venture capital should play an essential role in creating a more sustainable future. SpinDrive’s magnetic levitation technology enables highly improved operational efficiency, reducing energy and material waste in industries. We are thrilled to play a part in reaching a carbon-neutral future.
SpinDrive will use the funding primarily for enhancing the sales and growing the customers’ base. The company will accelerate the serial production of the new generation magnetic bearing controller Magma®. SpinDrive will ensure smooth integration and operation of the magnetic bearing systems with existing customers.
“The electrification of industrial motors is advancing in leaps and bounds, necessitating ever more efficient bearing technologies. SpinDrive’s active magnetic bearings (AMBs) technology for OEMs excited us from the start. In Germany and the Heilbronn region, in particular, there are a large number of world market leaders in the field of turbocompressors, turbo blowers, small turbines and turbo expanders that are highly relevant for SpinDrive’s AMBs. We are pleased to support SpinDrive in its market penetration in Germany and Europe and look forward to future cooperation.
Media Contacts
To discuss opportunities contact media@sdgx.io
For SpinDrive contact
Nikita Uzhegov, nikita.uzhegov@spindrive.fi
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