Finance Yorkshire et al. back Magnomatics

IP Group and Finance Yorkshire each contributed £1.06m to the round with Fusion IP investing the remaining £366,000. Finance Yorkshire invested from its Equity Linked Fund.

The company, which was previously backed by Fusion IP, a university IP commercialisation company, will use the funding to complete the development of its magnetically geared motors for the hybrid and electric vehicle market.

Company
Magnomatics was spun out of the University of Sheffield in 2006. The company develops proprietary magnetic transmissions and ultra compact motors and generators. It is active in a range of industries, including renewable energy, automotive, aerospace and defense.

People
Andrew Burton represented Finance Yorkshire on the deal.

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