Persimmon Technologies, a US-based vacuum robotics and hybrid-field motor technology company, has raised $6m series C funding funding from new investor ABB Technology Ventures, the corporate venture capital unit of the ABB Group, a Zurich-based power and automation technology group, as well as from previous investors including Intel Capital.
Previously, in January 2013, Persimmon raised $5.8m series B funding in which Intel Capital and The Bernard M. Gordon Charitable Remainder Trust joined Nidec Sankyo as major equity holders in the company. Persimmon’s development work has been funded in large part by four National Science Foundation grants.
The latest funding will be used to help Persimmon develop its 3D deposition technology for motor component manufacturing. The ABB investment will also codify joint development of many new Persimmon products, allowing for the exchange of research and development information in industrial motors.
“ABB has been extremely impressed by Persimmon’s team and its R&D efforts to date,” said Grant Allen, principal at ABB Technology Ventures in North America. “Its innovations in the motor component manufacturing arena are especially exciting for ABB and we look forward to working closely with Persimmon to build the next generation of motor componentry.”
“We are excited to begin working with a global motor technology leader like ABB,” said Michael Pippins, CEO of Persimmon. “The addition of such a strong partner to an already impressive investor list puts Persimmon in a great position as we continue commercialisation of our hybrid-field motor technology.”