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Picture credit: SpinDrive
Lappeenranta, Finland-based SpinDrive, an organization specialised in lively magnetic bearings (AMBs), introduced on Wednesday that it has secured €3.8M in a Sequence A spherical of funding.
The spherical was led by US-based Rhapsody Enterprise Companions, with participation from present traders Innovestor and Born2Grow.
So far, the corporate has raised a complete of €8M in funding from a syndicate of VCs, personal traders, and public funding.
Fund utlisation
SpinDrive will use the funding to boost world development by offering an economical different to high-maintenance, oil-dependent, and energy-wasting bearing applied sciences for industrial equipment producers, leading to elevated power effectivity and productiveness.
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The corporate can even develop a brand new vary of Energetic Magnetic Bearings for brand new purposes.
“We have now seen growing worldwide demand for extra power effectivity and cleaner options in industrial manufacturing, and we’re excited to construct SpinDrive to satisfy these buyer wants with our lively magnetic bearing techniques and controllers. With its specialisation in industrial applied sciences and world attain into industrial firms, Rhapsody Enterprise Companions is a perfect companion for us, and we’re thrilled to be working with them,” says Nikita Uzhegov, COO and Co-founder of SpinDrive.
SpinDrive: Offering inexpensive lively magnetic bearings
Based in 2015 by Janne Heikkinen, Nikita Uzhegov, and Alexander Smirnov, SpinDrive offers design, prototyping, and serial manufacturing of lively magnetic bearings (AMBs) for Authentic Gear Producers (OEM).
The corporate’s frictionless bearings are smaller, extra power environment friendly, and extra inexpensive than its opponents. The bearings work via magnetic levitation, the place there is no such thing as a contact between rotating and stationary elements.
In line with the Finnish firm, no upkeep is required for as much as 20 years in high-speed purposes as a result of its frictionless design, guaranteeing power effectivity and stopping tools downtime.
Because of this, the corporate reduces power losses within the machine by half.
For a 500-kW unit, this resolution mitigates 200 tons of CO2 emissions yearly, which is equal to 2,000 barrels of oil burnt, and permits a 2-year payback time.
The corporate additionally helps clients to considerably enhance their options’ system effectivity, cut back materials consumption, and minimise upkeep prices.
SpinDrive’s bearings present situation monitoring and predictive upkeep for the complete machine. It eliminates the necessity for exterior sensors and reduces total tools upkeep prices by 80 per cent.
SpinDrive lowers the shopper’s tools lifecycle prices by 35 per cent.
“Industrial manufacturing is an enormous a part of the world’s power consumption and local weather emissions, so we should create energy-efficient and clear elements to show this tide. By enhancing the power effectivity in present and new equipment, we deal with the issue in an enormous space and supply a major influence,” says Janne Heikkinen, CEO and Co-founder of SpinDrive.
SpinDrive has clients in Finland, Germany, the USA, Denmark, France, Italy, China, and the UK. The corporate has places of work in Finland and Germany.
The investor
Primarily based in Cambridge, MA, Rhapsody Enterprise Companions invests in industrial science startups.
“We scour the world for nice onerous science breakthroughs and love improvements that promote. SpinDrive’s system is less expensive and higher than the rest available in the market. We’re excited to companion with the group and to assist develop SpinDrive internationally, ” says Carsten Boers, Managing Companion at lead investor Rhapsody Enterprise Companions.
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