Finland

[Funding alert] Finnish-based Cleantech Startup SpinDrive Raises €3.8 Million in Series A Round Funding

Nov 8, 2023 | By Startup Rise EU

Cleantech firm SpinDrive, established in Finland, raises €3.8 million in funding during its series A round. Investor Rhapsody Venture Partners, based in the United States and specialising in hardware businesses, led the round. Other participants included Innovestor, a Finnish company, and Born2Grow, a German company.
Team - SpinDrive

Cleantech firm SpinDrive, established in Finland, raises €3.8 million in funding during its series A round. Investor Rhapsody Venture Partners, based in the United States and specialising in hardware businesses, led the round. Other participants included Innovestor, a Finnish company, and Born2Grow, a German company.

Read also - Latvia-based SpirulinaNord Secures €600K in Funding

With the help of the funds, SpinDrive is going to able to grow its business and increase manufacturing productivity across the globe. Based in Lappeenranta, SpinDrive offers frictionless bearing that are more economical, more energy-efficient, and smaller than those of its rivals.

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Nikita Uzhegov, COO and Co-founder of SpinDrive said, “We have seen increasing international demand for more energy efficiency and cleaner solutions in industrial production, and we are excited to build SpinDrive to meet those customer needs with our active magnetic bearing systems and controllers".

Moreover, the bearings don't need oil to function, thus there's no need for industrial production's filthy lubricants. Five million tonnes of oil-based lubricants are used yearly by EU factories, and traditional bearing-based machinery has a high risk of contamination and leakage.

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Improving energy efficiency is crucial for cutting emissions from industry. As one of its most important contributions, SpinDrive hopes to decrease CO2 emissions by 500 million tonnes per year by 2050 through improving the energy efficiency of industrial machines.

Janne Heikkinen, CEO and Co-founder of SpinDrive said, “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,”

Carsten Boers, Managing Partner at lead investor Rhapsody Venture Partners said, “We scour the world for great hard science breakthroughs and love innovations that sell. SpinDrive’s system is much cheaper and better than anything else in the market. We are excited to partner with the team and to help grow SpinDrive internationally,”.

To date, the company has raised €8 million from governmental finance as well as a syndicate of venture capitalists and individual investors. As one of the most cutting-edge active magnetic bearing control systems, SpinDrive has clients in Finland, Germany, the USA, Denmark, France, Italy, China, and the UK.

About SpinDrive

For Original Equipment Manufacturers (OEM), SpinDrive provides active magnetic bearing (AMB) design, prototype, and serial manufacture.

Read also - UK-based Globacap Secures $21Million Series B Round Funding

SpinDrive cuts the machine's energy losses in half. With this approach, a 500-kW unit could decrease its annual CO2 emissions by 200 tonnes, which is the same as burning 2,000 barrels of oil. It additionally allows for a 2-year payback period.

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