Sheffield spin-out Magnomatics raises $4m for its magnetic gear technology.
University of Sheffield (UoS) spin-out Magnomatics has successfully raised £2.5m ($4m) from university investment firm Fusion IP, UoS and Yorkshire Finance.
The UK-based firm will receive £1.06m ($1.7m) from both Fusion IP, which provides backing for spin-outs from UoS and Cardiff University, and Yorkshire Finance, a Joint European Resources for Micro to medium Enterprises initiative. The UoS will provide a further £366k ($587k).
The first tranche of £2.25m ($3.6m) has already been invested, whilst the second tranche of £246k ($394k) will be made available once certain milestones are achieved.
Sheffield-based Magnomatics produces contactless electric motors and magnetic gears, and plans to invest the additional funds into the further development of the magnetic gears for hybrid and electric vehicles. Set up in 2006, the spin-out last year signed contracts with Ford Motors and construction plant manufacturer Caterpillar to develop its technology to power hybrid vehicles.
Chief executive officer of Magnomatics, Chris…
