Electric motor producer and Oxford spinout Yasa has raised $21.4m that will go to expanding its manufacturing capabilities.
Yasa Motors, a UK-based electric motor manufacturer spun out from University of Oxford, attracted £15m ($21.4m) on Wednesday in a growth equity round featuring spinout-focused investment firm Parkwalk Advisors.
Investment firm Universal Partners also participated in the round, which Yasa said increased its overall funding to £35m. Andrew Birrell, executive director of Universal Partners, will join its board of directors.
Spun out in 2009, Yasa manufactures electric motors and generators. Its prime market is the automotive sector, but its systems are increasingly being used in the aerospace and marine industries.
The funding will be used to expand Yasa’s manufacturing capacity in order to meet demand for its products. It has opened a new Oxford manufacturing facility to help satisfy orders, with exports in the automotive segment accounting for 80% of its output.
Yasa’s technology is based on research by Tim Woolmer, who completed a doctorate in electrical engineering at Oxford, and Malcolm McCulloch, leader of the university’s Electrical Power Group.
Parkwalk led a round of undisclosed size for Yasa in July 2017 through its Opportunities EIS Fund, having also led an $8.3m round in 2014.
Alastair Kilgour, chief investment officer at Parkwalk Advisors, said: “Yasa has made excellent commercial progress over the past two years and we are pleased to continue to support the company in this latest financing round.
“With the rapid growth of electrification in automotive and other sectors such as aerospace and marine, we believe Yasa has huge business potential.”
