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.
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.