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…
