Lappeenranta, Finland (January 12, 2022) – Finnish cleantech company SpinDrive has extended pre-Series A funding round to 2.4 M€ with support from Business Finland. The round is led by Finnish venture capital firm Innovestor and supported by Butterfly Ventures, Born2Grow and SDGx. SpinDrive provides active magnetic bearing (AMB) systems for the original equipment manufacturers (OEMs) in various industries. Magnetic bearings are digital bearings that levitate the rotational part of the electrical machine completely eliminating friction.
Business Finland has approved SpinDrive’s R&D program and will support it with 0.8 M€ public funding. Business Finland has been a strong partner for SpinDrive since the company’s establishment in 2015. SpinDrive has successfully completed five previous projects supported by Business Finland.
“SpinDrive journey continues to address an urgent global need to drive down the electricity consumption of the electric motor driven systems for the environmental reasons. At the same time, we should maintain the required economic growth supported by energy and power generation. Increasing the energy efficiency of industrial processes using high-speed electric motors with AMBs is the most effective way to achieve this.” says Janne Heikkinen, CEO and co-founder of SpinDrive.
“We are proud that the results of our previous projects have been acknowledged by Business Finland and we are ready to write a new chapter together with Business Finland support.” Janne continued.
The R&D program is aimed at finalization of the core product production, new generation control software development and new market segment piloting.
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.
About Business Finland
Business Finland is a Finnish government organization that helps companies to grow globally as well as provides funding for 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.
SpinDrive. January 12th, 2022