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In a recent Series A funding round, Lappeenranta-based cleantech startup SpinDrive secured €3.8 million, led by U.S.-based investor Rhapsody Venture Partners, with participation from existing investors Innovestor and Born2Grow. This investment will facilitate SpinDrive’s global expansion and the development of Active Magnetic Bearings, aiming to enhance industrial efficiency and reduce energy waste and pollution worldwide. To date, the company has raised a total of €8 million and caters to a global customer base, with applications spanning turbo blowers, compressors, expanders, and more in the €120 billion global bearing industry.
SpinDrive specializes in magnetic bearing technology that outperforms traditional solutions by being more compact, energy-efficient, and cost-effective. These bearings utilize magnetic levitation, eliminating friction and minimizing maintenance requirements for up to two decades, even in high-speed applications. They offer condition monitoring and predictive maintenance, leading to an 80% reduction in overall equipment maintenance costs. Notably, SpinDrive’s bearings are oil-free, promoting eco-friendly industrial production suitable for sectors such as food, beverage, pharma, semiconductors, and hydrogen-based manufacturing. Furthermore, these frictionless bearings can potentially reduce energy consumption by up to 15%, contributing significantly to the reduction of industrial emissions. SpinDrive has set its sights on reducing CO2 emissions by 500 million tons annually by 2050 through enhanced energy efficiency in industrial machinery.
“We have seen increasing international demand for more energy efficiency and cleaner solutions in industrial production, and we are excited to build SpinDrive to meet those customer needs with our active magnetic bearing systems and controllers. With its specialization in industrial technologies and global reach into industrial companies, Rhapsody Venture Partners is an ideal partner for us, and we’re thrilled to be working with them,” says Nikita Uzhegov, COO and Co-founder of SpinDrive.
“Climate change is the biggest challenge of our time, but we often get stuck thinking about technologies like carbon capture when it comes to CO2 emissions. Industrial production is a massive part of the world’s energy consumption and climate emissions, so we must create energy-efficient and clean components to turn this tide. By improving the energy efficiency in existing and new machinery, we tackle the problem in a massive area and provide a significant impact,” adds Janne Heikkinen, CEO and Co-founder of SpinDrive.
“We scour the world for great hard science breakthroughs and love innovations that sell. SpinDrive’s system is much cheaper and better than anything else in the market. We are excited to partner with the team and to help grow SpinDrive internationally, ” says Carsten Boers, Managing Partner at lead investor Rhapsody Venture Partners.
Click to read more funding news.
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Read the orginal article: https://arcticstartup.com/spindrive-raises-e3-8m-series-a/
