Contributor: Infinitum Electric
Infinitum Electric, an electric motor startup that is leveraging its patented printed circuit board (PCB)-based stators to reinvent the way the electric motor is designed, has secured $12.5 million in a Series B round of funding led by Cottonwood Technology Fund (CTF) and includes participation from Chevron Technology Ventures (CTV), AJAX Strategies and other individual investors. This follows a successful Series A round completed in January, bringing total funding to $15.2 million.
Infinitum will use the new funds to hire in the areas of research and development, engineering, supply chain and production and to open its new global Headquarters and manufacturing facility in the Austin, Texas area. With six patents in hand and a further 15 pending, Infinitum’s motor technology provides advantages in a wide range of market segments and pump applications, including in HVAC, oil and gas, and aerospace. Infinitum’s initial focus is on 1HP to 30HP commercial and industrial air-moving applications in the HVAC space. Ultimately, the unique modularity of Infinitum’s motors allows the company to address power ranges from 100HP to 1,000HP and beyond.
“Since participating in the Series A round in December, we’ve seen Infinitum advance tremendously. They’ve added key leaders to the team, signed multiple customer contracts and are prepared to ramp their own manufacturing facility,” said Dave Blivin, managing director, CTF. “We’re proud to have led the Series B round, and we’re excited to see Infinitum attract the support of leading investors who will further enhance their success in the growing electric motor industry — one that is ripe for the type of disruptive innovation Infinitum provides.”
“Our patented motor technology will completely transform the electric motor market, a market that has changed very little since inception more than 100 years ago,” said Ben Schuler, CEO, Infinitum Electric. “With this latest round of funding, we’re well positioned to replace traditional HVAC motors with our breakthrough motor technology, resulting in a smaller, smarter and more efficient offering for thousands of HVAC end users.”
“Infinitum’s mission aligns well with our goals for the Future Energy Fund,” said Barbara Burger, President, Chevron Technology Ventures. “The purpose of the Future Energy Fund is to invest in breakthrough energy technologies that reflect Chevron’s commitment to lower emission energy sources and that are integral to low-carbon and efficient value chains.”
Infinitum’s electric motor efficiency exceeds IE5 efficiency, a standard that the industry today considers to be the highest efficiency class. In addition, the customizable design of Infinitum’s motors allow for greater optimization than any other electric motor, resulting in up to 25 percent lower costs, up to 60 percent less weight, as well as superior durability and enhanced IoT connectivity.