SpinDrive, a Lappeenrata, Finland-based cleantech company providing active magnetic bearings for original equipment manufacturers (OEMs), raised €3.8M in Series A funding.
The round, which brought the total amount to €8M to date, was led by Rhapsody Venture Partners, with existing investors Innovestor from Finland and Born2Grow from Germany also participating.
The company intends to use the funds to ramp up its commercial growth and improve industrial efficiency in factories worldwide, and develop a new range of Active Magnetic Bearings for new applications.
Led by CEO Janne Heikkinen, and COO Nikita Uzhegov, SpinDrive provides bearings that work through magnetic levitation, where there is no contact between rotating and stationary parts. SpinDrive’s bearings also provide condition monitoring and predictive maintenance of the whole machine, removing the need to install external sensors to monitor system health and reducing overall equipment maintenance costs by over 80%. SpinDrive’s typical applications include turbo blowers, compressors, expanders, process machinery, flywheels, and energy recovery systems. High rotational speed yields high energy efficiency in transferring and compressing gases with turbo machinery, and frictionless operation cuts energy losses of spinning rotors.
The company serves customers in Finland, Germany, the USA, Denmark, France, Italy, China, and the United Kingdom.
FinSMEs
09/11/2023