Pinnacle Engines, a US-based developer of ultra-efficient engines, has closed a series C round from investors including Mitsui Global Investment, the corporate venturing subsidiary of Japan-based conglomerate Mitsui, that took its total funding to more than $30m.
Bessemer Venture Partners, New Enterprise Associates and Infield Capital, the company’s existing investors, also participated in the round, which featured VenturEast and an undisclosed strategic original equipment manufacturing partner as new investors. Pinnacle previously raised $13.5m in equity capital in 2011.
Pinnacle has also formed an Asian Business Advisory Board that comprises of five well-recognised names in the automotive industry.
“The combined power of this additional capital and new advisory board gives us the resources and expertise to innovate rapidly in emerging markets. These advisors bring deep industry knowledge and relationships to our company,” said Ron Hoge, CEO and chairman of Pinnacle Engines.
“With increasing demand around the world for sustainable automotive solutions, they will greatly assist Pinnacle Engines in introducing its engine technology into multiple Asian market segments.”