Industrial electric motor startup Infinitum raises $30M to expand production in Mexico
Hiring on tap at Round Rock HQ, as well
By Brent Wistrom – Editor, Austin Inno
Round Rock-based electric motor company Infinitum didn’t reinvent the wheel. But it did reinvent how the fans and other components of industrial motors work by using different materials that last longer.
With a nearly endless market of industrial applications, such as HVAC systems, investors have been pumping millions of dollars into the company as it revs up production. On Nov. 8, a little less than six months after raising an $80 million series D round, Infinitum announced it has secured another $30 million in new investment as it looks to build more products faster.
The new investment included backing from prior investors Riverstone Holdings Latin America, Alliance Resource Partners, Caterpillar Venture Capital and Cottonwood Technology Fund. Additionally, the business founded in 2016 as Infinitum Electric Inc. has rebranded to just Infinitum.
“Partnering with our network of existing investors allows us to automate assembly in our dedicated facility so that we can scale production this year and next, to meet escalating customer demand for our highly efficient motors,” founder and CEO Ben Schuler stated. “Rebranding the company as Infinitum underscores our commitment to future generations by going beyond to produce motors that can power the world with less energy and waste because they are designed with circularity in mind.”
The company has now raised $168 million total.
Infinitum said the fresh capital will be used to expand its 65,000-square-foot production facility in Tijuana, Mexico, as well as expedite motor production and automate assembly of its products. The Tijuana site has about 20 contractors currently working on production, and it plans to add about 30 more in the next 12 months.
Infinitum has developed what it calls an Aircore EC motor that is smaller and lighter than traditional iron core motors that allow HVAC system designers to set up individual motor units that operate more efficiently and in small spaces.
Infinitum has 81 full-time employees, including 67 who are based at its Round Rock headquarters, which it established last May. The startup is currently hiring about 20 additional full-timers for its local office. Current openings include roles in finance, operations and sales.
In the third quarter, Austin-area companies raised $701 million across 70 deals, according to PitchBook data. That was down from the nearly $1.1 billion raised in the same quarter a year prior as venture capital activity slows nationwide.