SpinDrive is a Finnish start-up that provides tailored magnetic bearing systems for original equipment manufacturers (OEMs). The company was founded in 2015 with the four founding members forming the board. SpinDrive is democratizing levitation and promoting emerging technology of high-speed machinery towards completely oil-free operation and the highest efficiency.
SpinDrive completed seed capital investment round during 2019. The funding was led by the Nordic seed stage focused VC Butterfly Ventures and leveraged by grant and loan funding from public funding sources ELY and Business Finland topping up 570 k€ overall financing.
Butterfly Ventures is one of the leading seed stage focused VCs in the Nordics founded in 2012. Butterfly Ventures is also one of the most active early stage VCs in the region and they have already invested in more than 50 companies. Butterfly Ventures has their office in Helsinki, Oulu and Stockholm. Known for its co-operative approach, Butterfly Ventures is investing not only in Finnish seed stage start-ups but also in Nordic and Baltics firms.
Janne Heikkinen, CEO of SpinDrive announced: “We are delighted to cooperate with Butterfly Ventures as it’s an extremely valuable partner for the SpinDrive growth. We feel honoured to be a part of their exciting portfolio of the future game-changers.”
ELY Centres are regional public governmental agencies who are responsible for business, environment and transport. They promote regional competitiveness, well-being and sustainable development as well as award EU funding for regional development.
Business Finland is a Finnish government organization that helps companies to grow globally as well as provides funding innovations. With the help of top experts in various fields, they support companies in going through all stages of internationalization. They strive to create world-class business ecosystems and provide a competitive business environment for Finland.