Ben Schuler, Infinitum Electric Founder & CEO
Infinitum Electric, an electric motor maker, announced Thursday that is has raised $12.5 million in funding.
The Austin-based startup, founded in 2016, closed the Series B round of funding led by Cottonwood Technology Fund with participation from Chevron Technology Ventures and AJAX Strategies and other investors.
The latest funding follows a $1.8 million Series A round of funding the company closed in January. To date, Infinitum Electric has raised $15.2 million.
The company plans to use the funds to hire new employees and open its global headquarters and manufacturing facility in Austin.
Infinitum Electric has six patents on its electric motor technology and another 15 patents pending. The company’s motor technology is focused on the HVAC, oil and gas and aerospace industries.
“Since participating in the Series A round in December, we’ve seen Infinitum advance tremendously. They’ve added key leaders to the team, signed multiple customer contracts and are prepared to ramp their own manufacturing facility,” Dave Blivin, managing director, CTF said in a news release. “We’re proud to have led the Series B round, and we’re excited to see Infinitum attract the support of leading investors who will further enhance their success in the growing electric motor industry — one that is ripe for the type of disruptive innovation Infinitum provides.”
“Our patented motor technology will completely transform the electric motor market, a market that has changed very little since inception more than 100 years ago,” Ben Schuler, CEO, Infinitum Electric, said in a news release. “With this latest round of funding, we’re well-positioned to replace traditional HVAC motors with our breakthrough motor technology, resulting in a smaller, smarter and more efficient offering for thousands of HVAC end users.”
Infinitum’s electric motors are efficient, customizable, and cost 25 percent less and weigh 60 percent less than other motors. Infinitum’s motors also have Internet connectivity.