Polish deeptech startup Nevomo receives €5M to accelerate its technology
The Warsaw-based deeptech startup Nevomo has received €5 million in funding from EIT InnoEnergy, Hutter Private Equity, ValueTech Seed, and Seedrs to accelerate its hyperloop-inspired MagRail technology.
- Nevomo was founded in 2017 by Katarzyna Foljanty, Pawel Radziszewski, Przemek Paczek, and Lukasz Mielczarek. It develops technology for a MagRail system, a passive magnetic levitation train operating on existing railway tracks at speeds up to 550 kph.
- Nevomo’s hybrid solution allows for the functionality of both the MagRail system and conventional trains on the same tracks. This can be subsequently transformed into a vacuum system, hyperrail, with a top speed of 600 kph on existing tracks.
- The fresh round was co-led by EIT InnoEnergy, that is supported by the European Institute of Innovation & Technology (EIT), a body of the European Union. Hutter Private Equity, ValueTech Seed, and Seedrs also participated.
“Nevomo’s technology is the missing link between the current, often hugely outdated rail infrastructure and entirely new high-speed systems like the hyperloop. This can accelerate the adoption of this new mode of sustainable, long-haul transport and greatly decrease the costs associated with such a shift,”Lucienne Krosse, responsible for the hyperloop portfolio at EIT InnoEnergy, comments.
- The fresh round followed the €2.5 million funding Nevomo secured from the EIC accelerator program as an additional equity component of up to €15 million from the EIC fund in July 2022. Before that, in June 2021 the startup raised nearly €1.23 million in equity crowdfunding.
- The company will use the funds to accelerate its hyperloop-inspired MagRail technology rollout and upgrade existing railway infrastructure.