Sheffield spin-out Magnomatics raises $4m for its magnetic gear technology.

University of Sheffield (UoS) spin-out Magnomatics has successfully raised £2.5m ($4m) from university investment firm Fusion IP, UoS and Yorkshire Finance.

The UK-based firm will receive £1.06m ($1.7m) from both Fusion IP, which provides backing for spin-outs from UoS and Cardiff University, and Yorkshire Finance, a Joint European Resources for Micro to medium Enterprises initiative. The UoS will provide a further £366k ($587k).

The first tranche of £2.25m ($3.6m) has already been invested, whilst the second tranche of £246k ($394k)…

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