Electric motor company Infinitum Electric will double its roughly 30-person workforce during the next six months, founder and CEO Ben Schuler said after closing a $40 million series C funding round that included equity financing from Milwaukee-based Rockwell Automation Inc.
Schuler said the roles will primarily be in engineering, operations, manufacturing and supply.
Round Rock, Texas-based Infinitum Electric is attempting to disrupt the electric motor industry with its innovative design. Printed circuit boards replace the iron and copper components historically used in electric motors, which reduces their size, weight and cost. Schuler told Austin Business Journal in December that the design also significantly improves the motor’s efficiency. The company’s motors also may be manufactured “right where they are consumed” — an enormous benefit for the company’s original equipment manufacturer customers. The CEO founded the startup in 2016.
Infinitum Electric boasts about 10 customers. They include Minnesota-based fan manufacturer Twin City Fan Companies Ltd.; Oklahoma-based Acme Engineering and Manufacturing Corp., a fan, blower and ventilation equipment manufacturer; and Kentucky-based Comefri USA Inc., a fan and blower manufacturer.
“On average, our motors are 10% more efficient [than traditional electric motors] overall,” Schuler said. “If all motors in the world were Infinitum Electric motors, we would reduce electricity consumption by 1.2 trillion kilowatt hours every year, and eliminate 860 million metric tons of [carbon dioxide] every year.”
Silicon Valley-based Energy Innovation Capital led the round. Infinitum Electric’s existing investors Cottonwood Technology Fund, Chevron Technology Ventures and Ajax Strategies also participated with automation and IT company Rockwell Automation (NYSE: ROK) also purchasing an undisclosed equity stake. The company has raised $55 million.
Infinitum Electric said it will use the fresh capital “to expand production of the company’s IEs Series motors for commercial and industrial applications, and complete development of its IEm Series motors for the rapidly growing electric vehicle market.”