$12.5M Funding Sparks Growth For Round Rock-Based Company

ROUND ROCK, TX — Round Rock-based Infinitum Electric announced this week it secured $12.5 million in funding to develop its technology.

The firm raised a series B funding round led by Santa Fe, New Mexico-based Cottonwood Technology Fund with included participation from Chevron Technology Ventures, AJAX Strategies and other individual investors. The most visible result of the seed funding: A new headquarters for the company to house all its functions inside a 15,000-square-foot space at 700 Jeffrey Way in Round Rock.

The company makes electric motors used in heating, ventilation and air conditioning (commonly known as HVAC), including tools needed in the oil and gas and electric vehicle industries. Moreover, officials noted, Infinitum’s motor technology provides advantages in a wide range of market segments including HVAC, oil and gas, and aerospace with six patents in hand and a further 15 pending.

“Since participating in the Series A round in December, we’ve seen Infinitum advance tremendously,"ave Blivin, managing director of Cottonwood Technology Fund, said in a press advisory. "They’ve added key leaders to the team, signed multiple customer contracts and are prepared to ramp their own manufacturing facility. ,” said D. “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.”

Although the company has not sold its motors yet, officials told Austin Inno Beat they expect to ship their first batch by June 2020. In so doing, Infinitum will enter a business sector dominated by industry giants such as Siemens AGand Toshiba Corp., according to the report.

Ben Schuler, CEO of Infinitum Electric, categorized the funding as transformative for the company: “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,” he said in a prepared statement. 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.”

Barbara Burger, President, Chevron Technology Ventures, spoke to the two firms' complementary synergy: “Infinitum’s mission aligns well with our goals for the Future Energy Fund,” she said in a prepared statement. “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.”

About Infinitum Electric

Infinitum Electric was launched in 2016 by founders with decades of experience and a deep understanding of how electrification will impact the world, officials wrote. "Infinitum Electric’s mission is to disrupt the way electric machines consume and create electricity. The company’s patented printed circuit board stator technology forever changes the electric motor landscape, allowing for light weight, lower cost electric motors and generators with unparalleled efficiency and durability."

About Cottonwood Technology Fund

CTF is a seed and early-stage technology commercialization fund with offices in Santa Fe, New Mexico; and Enschede, the Netherlands. It invests in founding stage technology-related (particularly telecom, chemistry/material sciences, photonics, biosciences, robotics and new energy) businesses originating throughout the Southwest region of the US and also in Northern Europe. Visit www.cottonwoodtechnologyfund.com for more information.

About Chevron Technology Ventures

Formed in 1999, Chevron Technology Ventures (CTV), operating as a division of Chevron U.S.A. Inc., pursues new business solutions and externally-developed technologies that have the potential to enhance the way Chevron produces and delivers affordable, reliable and ever-cleaner energy. CTV fosters innovation, supporting vibrant startup ecosystems and championing technology integration internally. Through its investment portfolio and internal use pipeline that trials technologies for use within Chevron, CTV has supported a wide range of pioneering companies that are helping to shape the future of energy.