Madrid-based Frenetic raises €11.2 million in series A round funding. Kibo Ventures led this round. The round was represented by current investors Big Sur, Bankinter, Bonsai, Join Capital, and 42Cap.
With this money, the company will be enabled to expand its footprint in the US, create an office in Silicon Valley, and start a huge new manufacturing project. Frenetic has raised €17.7 million so far.
Frenetic Founder and CEO Dr Chema Molina, PhD, said, “We were born to revolutionize the magnetics industry. In 2022, the global magnetics market was valued at $38.3 Bn and is expected to hit $49.3Bn by 2028. There will be more and more demand for magnetics across the industrial and electronics sectors, driven by favourable regulations from Governments, and increasing demand for electric vehicles and next-generation electrical appliances.”
Molina continued: “Frenetic has a big role to play in enabling designers and manufacturers to significantly shrink the time it takes to design a magnetic component and move into prototyping, manufacturing and go-to-market. This funding round enables us to scale into the US fast to support more customers while working on new products and solutions.”
Frenetic already collaborates with top manufacturers throughout the world. Thales Alenia Space makes up one of them; the space station has its magnetics integrated into it.
The platform uses the latest artificial intelligence capabilities to allow for magnetic design and simulation in addition to the ordering of physical magnets for engineering team validation prior to prototyping.
Juan Lopez, a partner at Kibo Ventures said, “Frenetic’s technological potential and prospective influence on the magnetics market is vast, The business has continuously outperformed since its founding, attracting important clients and expanding throughout Europe. This presented Kibo Ventures with yet another chance to support a remarkable group of people and their innovative technology. We think Frenetic is going to have a big impact on the worldwide magnetics business.
In 2018, Frenetic launched in Madrid. Since then, the business has put together a group of professionals with expertise in technology and startups.
First, Ivan Taboga, a former sector controller for Electrolux and CFO of Anova Culinary, came as CFO. Second, Jonas Mühlethaler, a professor at the Lucerne University of Applied Sciences and Arts and the previous founder of Gecko Simulations, joined Magnetics as CTO.
Alvaro Salazar, who has held engineering leadership positions at Lookiero and Jobandtalent, is the new Chief Technology Officer of Software. In October, the C-suite officially welcomed Íñigo Careaga, the previous CPO of Lookiero, as CPO.