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SpinDrive
Improving energy efficiency of industrial processes by providing active magnetic bearings to equipment manufacturers
- AI, Hardware, SDG&Impact
- Series A
Location
Lappeenranta, Finland
Revenue size
EUR 100,000 - 499,999
Year founded
2015
Funding raised
EUR 4 million
Founders
Janne Heikkinen, Nikita Uzhegov, Alexander Smirnov, Teemu Sillanpää.
Most relevant investors
Innovestor, Butterfly Ventures, Born2Grow, SDGx, EU, Business Finland.
Team size
10-19
Problem
Industrial electric motors consume 46% of global electricity, and the existing high-speed electric motors are inefficient and expensive to maintain. SpinDrive solves this problem by providing active magnetic bearings easily and affordably.
SOLUTION
SpinDrive constructs magnetic bearings that levitate the rotational part of the machine, thereby eliminating friction completely. Their solution increases system efficiency by at least 10%, resulting in a payback time of just 2 years. In addition, SpinDrive’s system is completely maintenance-free, reducing the overall equipment maintenance costs by 80%.
SpinDrive eliminates the need for oil lubrication, which provides original equipment manufacturers (OEMs) an opportunity to enter new markets. Their built-in sensors enable condition monitoring of the whole unit, preventing unexpected process failures, and reducing OEM equipment lifecycle costs by 35%.
SpinDrive sell magnetic bearing systems for the OEMs as a transactional direct B2B model, and provide condition monitoring as a subscription-based service.
KEY CUSTOMERS AND INTERNATIONAL PRESENCE
SpinDrives key customers are equipment manufacturers looking to retrofit or develop new solutions for industrial applications where high speed improves process efficiency. That includes machinery used in industrial sectors such as turbomachinery (turbo blowers and pumps), green hydrogen (turboexpanders), renewable and distributed power generation (ORC, microturbines), and kinetic energy storage (flywheels).
SpinDrive has 10 paying customers in 5 different countries, two of which are leading global manufacturers in their primary market.
Team
SpinDrive originated from LUT University (Finland), and was founded by Dr. Janne Heikkinen (CEO), Dr. Alexander Smirnov (CTO), Dr. Nikita Uzhegov (COO) and Teemu Sillanpää (CPO), all of whom have extensive know-how and a long track record in high-speed machinery and magnetic bearing markets, being co-inventors in 6 patents.
Unique selling point
SpinDrive solution is highly cost-effective due to their patent-pending controller structure that enables a 50% price reduction. In addition, commissioning costs are reduced by 80% as they provide a system tailored to customers’ equipment using digital twin software. SpinDrive system design happens within hours compared to weeks by competitors due to their AI-based design tool backed by 35+ years of research.
Asia Connection
SpinDrive has paying customers in China, and one of their Board Members Jukka-Pekka Mäkinen sold his previous company to Yaskawa. They are looking for distribution partners, clients, and funding from the East Asian region.
Pitch
