US-based electric motor technology business Infinitum Electric has completed a $12.5m series B round backed by Chevron Technology Ventures, the corporate venturing arm of oil producer Chevron.
The round was led by technology commercialisation vehicle Cottonwood Technology Fund with contributions from Ajax Strategies and undisclosed private investors.
Founded in 2013 as Fanergies, Infinitum Electric has developed electric-powered motors for use in commercial and industrial heating, ventilation and air conditioning units, and has plans to diversify into the aerospace and oil and gas industries.
The funding will go to increasing the company’s headcount in research and development, engineering, supply chain activities and production, while also driving the launch of its new headquarters and output facility near Austin, Texas.
Infinitum raised $1.8m in a January 2019 series A round led by Cottonwood Technology Fund which followed on from a total of $900,000 raised in earlier rounds.