SpinDrive raises new funding to expand in the US and launch Magma X100

SpinDrive, a Finnish company providing market-leading active magnetic bearing (AMB) systems, has raised new growth funding. The round was led by Rhapsody Venture Partners and co-invested by Innovestor to expand in the US and launch its new Magma X100 product.

About SpinDrive

SpinDrive is a Finnish company founded in 2015 in Lappeenranta that develops active magnetic bearing (AMB) systems for industrial machinery. Its technology eliminates friction and the required for lubricants, improving energy efficiency and reducing operational costs for manufacturers.

SpinDrive’s solutions are utilized in compressors, pumps, turbines, and cooling systems, assisting industrial clients cut electricity consumption and CO₂ emissions. The company serves customers across Europe, the United States, and Asia, with offices in Finland and Germany.

“This growth capital allows us to accelerate further our build-up of sales and customer services. Alongside, we’re excited to introduce Magma X100 to the market. Magma X100 brings the benefits of AMBs to applications for which there has been no technical solution to date. Our new product is tiny in form factor and a fraction of the cost of existing AMB systems. We believe the benefits of AMBs will revolutionize a broad new set of appliances and machinery,” stated Janne Heikkinen, CEO of SpinDrive.

Investment details

The round was led by existing investors Rhapsody Venture Partners, a US-based hardware-focutilized investor, and Innovestor from Finland. The amount of the deal was left undisclosed.

Rhapsody Venture Partners is a U.S.-based venture capital firm focutilized on commercializing scientific innovation in hard tech. The firm partners with founders developing breakthrough technologies in fields such as advanced materials, applied science, and engineering.

Innovestor is an investment company focapplying on venture capital, commercial real estate, and corporate venturing. The firm manages four VC funds with over €220 million in total capital, and also runs the accelerator program PALO.

The funding will be utilized to increase support for SpinDrive’s growing US customer base, expand its US market presence, and launch the company’s new Magma X100 magnetic bearing controller product line.