WAKEFIELD, MA: Persimmon Technologies Corporation , a provider of Vacuum Robotics and Hybrid-Field Motor Technology for the semiconductor, LED, FPD and solar equipment markets, has completed its Series B round of investment, with the latest funds coming from two new investors, The ABB Group, a $40B leading global power and automation technology company, and Berwind Private Equity.
ABB and Berwind joined Intel Capital, Nidec Sankyo and The Bernard Gordon Charitable Remainder Trust as key investors in Persimmon. With this latest investment, Persimmon raised an aggregate of approximately $14M in its Series B round.
Since launching in 2011, Persimmon has been developing disruptive hybrid-field motor technology, a new approach to making motor components using 3D deposition processes that aims to increase power density, eliminate manufacturing steps and reduce component costs.
The company’s first prototype motor concept increases the stator effective area and produces a higher output motor with comparable size and material cost.
This dynamic development work has been funded in large part by four National Science Foundation grants and this new funding will help Persimmon expand both its existing vacuum robotics product portfolio and invest further in the development of hybrid-field motor technology.
The ABB investment was made through ABB’s venture capital unit, ABB Technology Ventures, to help Persimmon develop its 3D deposition technology for motor component manufacturing and also codify joint development of many new Persimmon products, allowing for the exchange of research and development information in industrial motors that Persimmon is producing today.
“ABB has been extremely impressed by Persimmon’s team and its R&D efforts to date,” said Grant Allen, principal at ABB Technology Ventures in North America. “Its innovations in the motor component manufacturing arena are especially exciting for ABB and we look forward to working closely with Persimmon to build the next generation of motor componentry.”
“ABB’s involvement opens a unique opportunity for our technology,” said Dr. Martin Hosek, CTO at Persimmon. “Together, we can greatly accelerate the pace of motor innovation and expand our 3D deposition processes across a range of applications in the rapidly growing market of high-performance and efficient motors.”
“The team at Persimmon Technologies has a proven legacy of delivering customer value and capturing opportunities in their industry,” said Dr. Hope Chik, Director of Venture Investments at Berwind Private Equity. “We look forward to joining an impressive investor base that is committed to supporting Persimmon?s disruptive technologies as the company continues to grow.”
“We are excited to begin working with global motor technology leader ABB and Berwind Private Equity,” said Michael Pippins, CEO of Persimmon. “The addition of such strong partners to an already impressive list of investors including Intel and Nidec Sankyo, puts Persimmon in a great position as we continue commercialization of our hybrid-field motor technology. They each bring unique expertise to Persimmon and we look forward to leveraging their experience and knowledge as we continue to expand our business.”