Synchrony Receives 10m in Series C Funding
Synchrony, Inc., a Salem, Virginia-based producer and supplier of clean technology for rotating machinery and power conversion systems, has received $10m in Series C funding from New River Management VI, a venture fund managed by Third Security, LLC.
The funding was committed following continued analysis of the global market for Synchrony‘s product lines, its expanded production capacity and sales growth as demonstrated by a recent $16m sales commitment from McQuay International for its clean and frictionless drive trains.
This round follows a 2006 investment of $5m from Third Security, LLC and NewVa Capital Partners. In 2007, the company secured an additional $10m in Series B financing from the same venture capital firms.
As stated by Synchrony‘s President and Founder Dr. Victor Iannello, “the latest investment from Third Security will help provide us with the necessary resources to meet the expanding global demand for magnetic bearings, high-speed motors and high-speed generators”.
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