Get details below on recent funding deals. In the past week, two Austin companies announced fundings or reported deals with the U.S. Securities Commission worth roughly $34.2 million.
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Infinitum, which makes electric motors used in HVAC systems and other industrial applications, said Nov. 8 it raised $30 million.
The new money came from prior investors Riverstone Holdings Latin America, Alliance Resource Partners, Caterpillar Venture Capital and Cottonwood Technology Fund.
It came about six months after Infinitum raised an $80 million series D round. The company, which was founded as Infinitum Electric Inc. in 2016, has now raised $168 million total.
Infinitum said the fresh capital will be used to expand a production facility in Tijuana, Mexico, as well as expedite motor production and automate assembly of its products. It also aims to hire at its Round Rock headquarters.
SimpleTrade Inc., an Austin startup doing business as BluePallet, reported raising $4.2 million in new equity funding. The company, which operates a marketplace for buying and selling industrial chemicals, was founded in 2020 through a merger between fintech company Velloci and chemical marketplace EchoSystem. The new funding follows a $5 million round last October, which was extended with a $3.3 million addition, according to SEC filings.
Check out last week's funding wrap here. Subscribe to Austin Business Journal for startup resources such as lists of venture capital and private equity firms, incubators and accelerators, angel investors and coworking providers.
