- Leading motor technology company Infinitum Electric announced it closed a $12.5 million in a Series B round of funding
Infinitum Electric — a leading motor technology company building ultra-high-efficiency, lightweight, and IoT-enabled electric motors built with patented printed circuit board stator technology and integrated motor controls — announced that it has closed a $12.5 million Series B round of financing. This round of funding follows a successful Series A round of funding that was completed in January and brings the total funding for the company to $15.2 million.
This round of funding was led by Cottonwood Technology Fund (CTF) and it includes participation from Chevron Technology Ventures (CTV), AJAX Strategies, and other individual investors. With this round of funding, Infinitum plans to hire in the areas of research and development, engineering, supply chain, and production. And the company will be opening its new global headquarters and manufacturing facility in the Austin, Texas area.
“Our patented motor technology will completely transform the electric motor market, a market that has changed very little since inception more than 100 years ago,” said Ben Schuler, CEO of Infinitum Electric. “With this latest round of funding, we’re well-positioned to replace traditional HVAC motors with our breakthrough motor technology, resulting in a smaller, smarter and more efficient offering for thousands of HVAC end users.”
Infinitum’s motor technology provides advantages in a wide range of market segments including HVAC, oil and gas, and aerospace. And the company has 6 patents in hand along with another 15 pending.
“Since participating in the Series A round in December, we’ve seen Infinitum advance tremendously. They’ve added key leaders to the team, signed multiple customer contracts and are prepared to ramp their own manufacturing facility,” added David Blivin, managing director of Cottonwood Technology Fund. “We’re proud to have led the Series B round, and we’re excited to see Infinitum attract the support of leading investors who will further enhance their success in the growing electric motor industry — one that is ripe for the type of disruptive innovation Infinitum provides.”
Infinitum’s initial focus is on 1HP to 30HP commercial and industrial air-moving applications in the HVAC space with three customer contracts already signed with the industry’s most well-respected fan and blower OEMs. The unique modularity of Infinitum’s motors allows the company to address power ranges from 100HP to 1,000HP and beyond.
“Infinitum’s mission aligns well with our goals for the Future Energy Fund,” explained Barbara Burger, President of Chevron Technology Ventures. “The purpose of the Future Energy Fund is to invest in breakthrough energy technologies that reflect Chevron’s commitment to lower emission energy sources and that are integral to low-carbon and efficient value chains.”
Infinitum’s electric motor efficiency exceeds IE5 efficiency, which is a standard that the industry today considers as being the highest efficiency class. And in addition, the customizable design of Infinitum’s motors and generators allows for greater optimization than any other electric motor, resulting in up to 25% lower costs, up to 60% less weight as well as superior durability and enhanced IoT connectivity.
