Round Rock’s Infinitum Electric raises $40 million to continue growth, add jobs
By Kara Carlson, Austin American-Statesman
Round Rock-based Infinitum Electric has raised $40 million to scale its production of electric vehicle motors.
The round was led by Energy Innovation Capital and included participation from previous investors Cottonwood Technology Fund, Chevron Technology Ventures and Ajax Strategies. To date, the company has raised about $55 million.
Infinitum Electric said it has also sold an equity stake to Rockwell Automation, a Wisconsin-based company produces industrial automation products.
Infinitum Electric was founded in 2016 in Austin by CEO Ben Schuler and moved to Round Rock in 2019. The company develops motors and generators that integrate a patented circuit board, which the company says cuts down on some of the costly and cumbersome equipment required in traditional motor manufacturing. Infinitum Electric says the result is a higher-efficiency electric motor that is quieter and smaller than traditional motors.
The company works with both the commercial and industrial markets, including heating and air conditioning vendors and electric vehicle makers.
Schuler said Infinitum Electrics’ approach looks to cut down on some of the more costly and heavy equipment required in traditional motors, while still generating the same power.
The company’s products are a fully integrated system, with a motor, variable frequency drive and Internet of Things technology in a single package. The result is a product that is half the size and weight, at a fraction of the carbon footprint.
“We actually pull out all the heavy iron and copper windings out of the motor, and then we etch our conductors into a circuit board,” Schuler said. “We’re able to be lighter, smaller, quieter and more efficient at the same time, whereas other manufacturers sacrifice efficiency for costs or efficiency for noise or size.”
Infinitum Electric plans to use the new funding to expand its production and add to its employee team. The company has about 30 employees and plans to double its team in this year, Schuler said.
“We have a lot of work ahead of us, and a pretty awesome team helping to lead the way,” Schuler said.
Infinitum Electric’s $40 million funding is the latest in a string of significant funding rounds for Austin companies this year:
- Workrise, which was formally known as RigUp, announced in May that it has raised $300 million to accelerate its expansion. The company makes an online platform for the energy industry and is looking to reach other industries.
- In April, Austin’s Arrive Logistics received $300 million in investments through primary and secondary equity to fuel its freight brokerage business.
- Austin-based insurance startup the Zebra raised $150 million in April to grow the company’s brand and team.
- Austin-based e-commerce company Jungle Scout raised $110 million for expansion in March.
- Earlier this month, Cedar Park-based Firefly Aerospace raised $75 million as the company moves closer to its inaugural rocket launch.
- Last week, Austin-based health technology company Wheel raised $50 million for expansion.
