Magnomatics, a spin-out of Sheffield University with an eye on the hybrid vehicle market, has raised £2m ($3m).
Existing backers Finance Yorkshire and commercialisation firm IP Group both supported the round, providing £933,000 and £1.1m, respectively. The two invested in Magnomatics back in 2012 in a round worth £2.5m.
Magnomatics is currently supplying products to clients in renewable energy, aerospace, and marine sectors. The latest funding round will be used to prepare the company’s magsplit transmission – a combination of magnet motor and magnet gear – for market.
David Latimer, CEO of Magnomatics, said: “This second investment will enable us to further develop our magsplit product so that it is closer to be ready for sale to the hybrid electric vehicle sector. We have built and tested several of the magsplit in the last two years and have completed Innovate UK projects with Ford and Volvo and we now are at the point where we are attracting global interest.”
