A Round Rock-based company landed an additional investment to help it apply its efficient motors to new use cases.
Infinitum Electric Inc. said on July 16 it raised a $35 million extension to its previously announced $185 million series E funding round. That brings the series E to a total of $220 million and the company's overall funding to about $388 million since its founding in 2016.
The new money came from Marunouchi Innovation Partners, which is a joint venture between Mitsubishi Corp., MUFG Bank and Pavilion Private Equity. Rice Investment Group, which is backed by the family that founded Rice Energy, also invested.
The investment is intended to help Infinitum meet customer demand for its air-core motors, which use less energy and are smaller and lighter than traditional motors. In addition to manufacturing and industrial applications, the company noted that its innovations are also being used in data centers, including energy-hungry AI systems.
“Millions of electric motors are needed each year to power AI, cool our buildings and electrify industrial workloads, and it’s critical for the planet that we choose to implement advanced, high-efficiency motors rather than conventional motors,” Infinitum founder and CEO Ben Schuler stated. “We look forward to further expanding our company to meet customer demand and accelerate production of our sustainable motor systems.”
Infinitum has been on a tear in recent years, raising big funding rounds and expanding its team.
Last year, it was a Blazer winner in Austin Inno's Fire Awards. In May, the company named Meredith Waters as its general counsel. And back in January, Infinitum announced it would work with Matrix Design Group LLC to develop high-efficiency motors for the mining industry.
