Magnax raised the cash from investors including automotive parts firm Hirschvogel Automotive with a view of broadening R&D and entering new markets with its EV motor technology.
Magnax, a Belgium-based electric motor technology spinout of Ghent University, received €16m ($19.5m) today in a round involving the corporate venturing fund for automotive parts supplier Hirschvogel Automotive.
The deal was filled out by Vlerick Group, Torus Capital and unnamed angel investors.
Founded in 2015, Magnax builds axial flux motors that are powered by electricity as opposed to mechanical propulsion and which it says are more efficient than competing alternatives.
The funding is expected to support new…
