Frenetic, a pioneer in custom magnetics technology, announced a €11.2 million Series A led by Kibo Ventures. Existing investors 42Cap, Join Capital, Bankinter, Bonsai, and Big Sur participated in the round. The funding will enable the company to embark on an ambitious new manufacturing project, open an office in Silicon Valley and expand its presence in the US. To date, Frenetic has raised €17.7 million.
At the heart of every power supply lies a crucial component – magnetics. However, the conventional approach to magnetic design has long relied on trial and error, resulting in time-consuming processes that can take up to nine months. Frenetic has applied cutting-edge science to the design and production of these essential components, achieving three times the accuracy and reducing design time to just one week.
Frenetic Founder and CEO Dr Chema Molina, PhD, said, “We were born to revolutionize the magnetics industry. In 2022, the global magnetics market was valued at $38.3 Bn and is expected to hit $49.3Bn by 2028. There will be more and more demand for magnetics across the industrial and electronics sectors, driven by favourable regulations from Governments, and increasing demand for electric vehicles and next-generation electrical appliances.”
Molina continued: “Frenetic has a big role to play in enabling designers and manufacturers to significantly shrink the time it takes to design a magnetic component and move into prototyping, manufacturing and go-to-market. This funding round enables us to scale into the US fast to support more customers while working on new products and solutions.”
Frenetic is already collaborating with global-leading manufacturers. Among them is Thales Alenia Space, which has integrated its magnetics into the International Space Station. In the medical sector, Frenetic counts Novasonix among its partners and has also been engaged with Bosch. Additionally, Frenetic works with global components and modules manufacturer Sumida.
By applying the latest artificial intelligence tools, the platform enables the design and simulation of magnetics and the ability to order a physical magnet to be validated by an engineering team ahead of prototyping. There are thousands of combinations of topologies, shapes and materials for customers to use in their design. The platform is available through a SaaS and licensing model.
Juan Lopez, Partner of Kibo Ventures, added “Frenetic’s technological potential and prospective influence on the magnetics market is vast. Since its inception, the company has consistently excelled, garnering notable clients and broadening its European footprint. For Kibo Ventures, this was another opportunity to back an exceptional team and their groundbreaking technology. We believe Frenetic is poised to make waves across the magnetics industry at a global scale.”
Frenetic was founded in Madrid in 2018. Since then, the company has assembled a team of experts across the startup and technology sectors. Firstly, the former CFO of Anova Culinary and Sector Controller of Electrolux, Ivan Taboga, joined as CFO. Secondly, Jonas Mühlethaler, former founder of Gecko Simulations and current Professor at the Lucerne University of Applied Sciences and Arts, joined as CTO of Magnetics. Followed by the new CTO of Software, Alvaro Salazar, who has held engineering leadership roles at Lookiero and Jobandtalent. Lastly, the C-suite welcomed the former CPO of Lookiero, Íñigo Careaga, as CPO in October.
Frenetic has offices in Spain and Germany, a research center in Switzerland, and is opening its fourth office in California. In addition to its US expansion, the company will expand its team and is already working on an exciting new project to be unveiled at CES next year.
Read the orginal article: https://www.eu-startups.com/2023/11/madrid-based-frenetic-bags-e11-2-million-series-a-to-rapidly-reduce-the-time-required-to-produce-magnetics/
