Finnish cleantech SpinDrive raises €3.8M to cut down on industrial energy waste
SpinDrive, a Finland-based cleantech company, has raised a €3.8 million Series A funding round. Rhapsody Venture Partners led the round, with Innovestor and Born2Grow also participating, EU-Startups reports.
- Founded in 2015, SpinDrive provides affordable active magnetic bearings for original equipment manufacturers (OEMs). SpinDrive’s bearings work through magnetic levitation, where there is no contact between rotating and stationary parts, which makes them more energy efficient, easier to maintain, and more affordable compared to traditional ball bearings.
“Climate change is the biggest challenge of our time, but we often get stuck thinking about technologies like carbon capture when it comes to CO2 emissions. Industrial production is a massive part of the world’s energy consumption and climate emissions, so we must create energy-efficient and clean components to turn this tide. By improving the energy efficiency in existing and new machinery, we tackle the problem in a massive area and provide a significant impact,”Janne Heikkinen, CEO and Co-founder of SpinDrive, comments.
- The current €3.8 million round was led by Rhapsody Venture Partners, a US-based hardware-focused investor, with existing investors Innovestor from Finland and Born2Grow from Germany also participating.
- To date, SpinDrive has raised a total of €8 million from VC syndicates and private investors, as well as public funding. The company has offices in Finland and Germany.
- SpinDrive will use the funding to ramp up its commercial growth to improve industrial efficiency in factories worldwide.