Finnish start-up SpinDrive has raised 1.6 M€ in pre-Series A funding round. SpinDrive improves the energy efficiency of industrial processes by providing active magnetic bearings to equipment manufacturers easily and affordably. Magnetic bearings are digital bearings that enable to reach the highest possible rotational speed and completely eliminate friction. SpinDrive solution reduces rotating equipment lifecycle costs by 35%. The funding round was led by Innovestor.
Janne Heikkinen, CEO and co-founder of SpinDrive says, “Carbon neutral future can be built only on breakthrough innovations and technologies. Our digital bearings revolutionize the traditional bearing industry. We help our customers to save money by improving their energy efficiency and significantly decreasing the regular maintenance needs.”
Innovestor Partner Myron Seto adds, “We are excited to work with SpinDrive’s highly motivated team. Thus far, they have demonstrated excellent execution capabilities to bring the company to where it is today. Together, we hope to help them quickly penetrate a huge addressable market. Furthermore, Innovestor firmly believes that venture capital should play an essential role in creating a more sustainable future. SpinDrive’s magnetic levitation technology enables highly improved operational efficiency, reducing energy and material waste in industries. We are thrilled to play a part in reaching a carbon-neutral future.”
The funding will be used primarily for enhancing sales and growing the customers’ base.
SpinDrive improves the energy efficiency of industrial processes by providing active magnetic bearings to equipment manufacturers. SpinDrive solution increases system efficiency by at least 10%, which enables a 2-year payback time. SpinDrive system is completely maintenance-free, which reduces the overall equipment maintenance costs by 80%. We eliminate the need for oil lubrication, which provides manufacturers an opportunity to enter new markets. Our built-in sensors enable condition monitoring of the whole unit.
Innovestor is a Nordic early-stage venture capital investor and corporate venturing services provider. The firm currently manages three VC funds, representing one of the largest private venture-backed portfolios in the Nordics and consisting of almost 100 growth companies in multiple fields of technology such as consumer, enterprise software, industrial tech, and health & life science. For more information, visit www.innovestorgroup.com.