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Picture credit: SpinDrive
Lappeenranta, Finland-based SpinDrive, an organization specialised in energetic 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 current buyers Innovestor and Born2Grow.
So far, the corporate has raised a complete of €8M in funding from a syndicate of VCs, non-public buyers, and public funding.
Fund utlisation
SpinDrive will use the funding to boost international development by offering an economical various to high-maintenance, oil-dependent, and energy-wasting bearing applied sciences for industrial equipment producers, leading to elevated vitality effectivity and productiveness.
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The corporate may also develop a brand new vary of Lively Magnetic Bearings for brand new functions.
“We have now seen growing worldwide demand for extra vitality effectivity and cleaner options in industrial manufacturing, and we’re excited to construct SpinDrive to fulfill these buyer wants with our energetic magnetic bearing methods and controllers. With its specialisation in industrial applied sciences and international attain into industrial firms, Rhapsody Enterprise Companions is a perfect associate for us, and we’re thrilled to be working with them,” says Nikita Uzhegov, COO and Co-founder of SpinDrive.
SpinDrive: Offering inexpensive energetic magnetic bearings
Based in 2015 by Janne Heikkinen, Nikita Uzhegov, and Alexander Smirnov, SpinDrive offers design, prototyping, and serial manufacturing of energetic magnetic bearings (AMBs) for Authentic Tools Producers (OEM).
The corporate’s frictionless bearings are smaller, extra vitality environment friendly, and extra inexpensive than its rivals. The bearings work by way of magnetic levitation, the place there isn’t a contact between rotating and stationary components.
In accordance with the Finnish firm, no upkeep is required for as much as 20 years in high-speed functions as a consequence of its frictionless design, guaranteeing vitality effectivity and stopping gear downtime.
Consequently, the corporate reduces vitality 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 allows a 2-year payback time.
The corporate additionally helps prospects to considerably improve their options’ system effectivity, scale back materials consumption, and minimise upkeep prices.
SpinDrive’s bearings present situation monitoring and predictive upkeep for your complete machine. It eliminates the necessity for exterior sensors and reduces general gear upkeep prices by 80 per cent.
SpinDrive lowers the client’s gear lifecycle prices by 35 per cent.
“Industrial manufacturing is an enormous a part of the world’s vitality consumption and local weather emissions, so we should create energy-efficient and clear elements to show this tide. By enhancing the vitality effectivity in current and new equipment, we sort out the issue in an enormous space and supply a big affect,” says Janne Heikkinen, CEO and Co-founder of SpinDrive.
SpinDrive has prospects in Finland, Germany, the USA, Denmark, France, Italy, China, and the UK. The corporate has places of work in Finland and Germany.
The investor
Based mostly in Cambridge, MA, Rhapsody Enterprise Companions invests in industrial science startups.
“We scour the world for nice exhausting 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 associate with the crew and to assist develop SpinDrive internationally, ” says Carsten Boers, Managing Accomplice at lead investor Rhapsody Enterprise Companions.
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