Infinitum Electric Gets $1.8 Million in Funding to Improve the Electric Motor
Infinitum Electric has reinvented the electric motor. Infinitum Electric, an Austin-based startup, announced Thursday that it has closed a $1.8 million Series A round of financing, led by Cottonwood Technology Fund, based in Santa Fe, New Mexico.
Since launching three years ago, Infinitum Electric has raised a total of $2.7 million in funding.
The company plans to use the funds to launch its patented electric motor in the Heating, Ventilation Air Conditioning, known as HVAC, industry initially. It also plans to expand into the oil and gas markets and will use the funds raised on research and development efforts for those applications.
Infinitum Electric’s motor is more efficient, lighter and smaller than existing electric motors. It has redesigned the circuit board for the electric motor. The company has been awarded five patents and has 11 patents pending.
“We can outperform traditional motors by five and up to ten percent and we’re half the traditional weight,” said Ben Schuler, CEO, Infinitum Electric.
“Our patented circuit board stator is what sets us apart and positions us well for success, not just in the HVAC space, but for a variety of applications,” Schuler said.
The electric motor market is a $150 billion industry annually, Schuler said. And it’s over 100 years old, but only incremental changes have been made during that lifecycle, he said. Eventually, Infinitum Electric plans to enter the electric vehicles market too, he said.
“Infinitum Electric has developed a clearly disruptive approach to an industry and technology that has largely remained unchanged for decades. It’s exciting to join the effort and support their success in blazing a new trail in the electric motor industry,” Dave Blivin, Managing Director at Cottonwood Technology Fund said in a news release. “The timing could not be better given the conversion to electric motors across many industries, in particular, transportation and hydraulics. More power, less weight and smaller form factor is a great value proposition to be selling in the current market.”