Belgium-based Magnax that develops motors for electric vehicles has closed €20 million in funding. The round saw participation from new investors – BIG Capital leading the round and SFPIM. With this round, the total funding raised by the company accounts for €36 million.
Prior to this round, Magnax secured €16 million in Series A funding led by Hirschvogel Ventures. The proceeds of this round will be used by Magnax to accelerate product development, grow the engineering team, and expand support for customers and partners.
How was Magnax born?
Founded in 2015 by Peter Leijnen, Daan Moreels, and Kester Goh in Berlin, Magnax’s mission is to accelerate the innovation of EV powertrains and aerospace propulsion systems with its yokeless axial flux technology.
Initially, Magnax began in a co-founder’s garage. Peter Leijnen built a prototype of a yokeless axial flux machine for a customer who needed a light generator for a wind turbine project. Later, he met his co-founders Daan Moreels and Kester Goh, who had experience with rolling out tech startups and working with venture capital, and the three decided to pivot to the electric vehicles market.
Develops powerful motors for EVs
Magnax develops a new generation of electric motors touted to deliver up to 4x higher power density than regular electric motors. With yokeless axial flux technology at its core, Magnax’s mission is to accelerate the innovation of EV powertrains and aerospace propulsion systems.
Its patented single-stator, dual-rotor axial flux motor delivers the most effective and efficient motor topology today. Also, innovations such as direct cooling of the windings, high-speed rotors, and automated manufacturing result in an exceptional combination of high power density and a high degree of manufacturability.
Magnax decided to valorise and commercialise their technology via two separate spin-off companies: Traxial, led by Marc Beulque and focused on ground eMobility, and Axyal which focuses on aerospace propulsion systems. With BIG Capital and SFPIM, Magnax has two new investors on board with a long-term vision of how valuable deep tech can help build a sustainable world.
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