Synchrony, a provider of technology for rotating machinery and power conversion systems, has received USD10m in series C funding from New River Management VI, a venture fund managed by Third Security.
The funding was committed following analysis of the global market for Synchrony’s product lines, its expanded production capacity and sales growth as demonstrated by a recent USD16m sales commitment from McQuay International for its clean, frictionless drive trains.
"This additional investment in Synchrony mirrors the company’s progress in turning its leadership in magnetic bearings technology into products that have the potential to establish Synchrony as a market leader," says Randal J. Kirk (pictured), chairman and chief executive, Third Security.
"With the increasing global demand for innovative, clean industrial components, Synchrony is well positioned with its product line, especially the award-winning Fusion magnetic bearing. We are pleased that Synchrony is now demonstrating that its technology can provide functional solutions to real world problems and have every confidence that it will grow to achieve commercial success in competitive international markets that demand cleaner, more efficient technology."
Synchrony’s developments in the magnetic bearing market aim to improve reliability, reduce friction, minimise vibration and offer advanced health monitoring and diagnostics, all without the potential environmental disadvantages of lubricants. These advances have accelerated the use of magnetic bearings in the industrial and defence sectors.
The range of applications include environmentally friendly motors, generators, pumps, compressors, fans, and blowers in sectors such as HVAC, oil and gas, renewable energy, air separation, water treatment, and defence markets.
"This is another significant step for Synchrony and a demonstration of the strong sales potential for our magnetic bearing technology," says Synchrony president and founder Dr. Victor Iannello. "The latest investment from Third Security will help provide us with the necessary resources to meet the expanding global demand for magnetic bearings, high-speed motors and high-speed generators."
The latest round of Synchrony’s funding follows a 2006 investment of USD5m from Third Security and NewVa Capital Partners. In 2007, Synchrony secured an additional USD10m in series B financing from the same venture capital firms.