AUSTIN, Texas — Infinitum Electric announced that it has closed a $12.5 million Series B round of financing. This follows a successful Series A round completed in January, bringing total funding to $15.2 million. The Series B round was led by Cottonwood Technology Fund (CTF) and includes participation from Chevron Technology Ventures (CTV), AJAX Strategies, and other individual investors.
Infinitum will leverage the new funds to hire in the areas of research and development, engineering, supply chain, and production and to open its new global headquarters and manufacturing facility in the Austin, Texas area.
“Since participating in the Series A round in December, we’ve seen Infinitum advance tremendously,” said Dave Blivin, managing director, CTF. “They’ve added key leaders to the team, signed multiple customer contracts and are prepared to ramp their own manufacturing facility. We’re proud to have led the Series B round, and we’re excited to see Infinitum attract the support of leading investors who will further enhance their success in the growing electric motor industry — one that is ripe for the type of disruptive innovation Infinitum provides.”
“Our patented motor technology will completely transform the electric motor market, a market that has changed very little since inception more than 100 years ago,” said Ben Schuler, CEO, Infinitum Electric. “With this latest round of funding, we’re well positioned to replace traditional HVAC motors with our breakthrough motor technology, resulting in a smaller, smarter, and more efficient offering for thousands of HVAC end users.”
“Infinitum’s mission aligns well with our goals for the Future Energy Fund,” said Barbara Burger, president, Chevron Technology Ventures. “The purpose of the Future Energy Fund is to invest in breakthrough energy technologies that reflect Chevron’s commitment to lower emission energy sources and that are integral to low-carbon and efficient value chains.”
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