US-based robotics and motor technology developer Persimmon Technologies has closed its series B round at $14m after securing $6m from the corporate venturing unit of Switzerland-based power and automation company ABB earlier this month.
ABB Technology Ventures was joined in the round by US-based firm Berwind Private Equity. Persimmon has now raised $19.8m in total, and its investors include corporate venturing unit Intel Capital, Japan-based motor unit producer Nidec Sankyo, both of which invested in the company’s $5.8m series A round in 2012, and charitable foundation The Bernard Gordon Charitable Remainder Trust.
Founded in 2011, Persimmon manufactures vacuum robotics and hybrid-field 3D printed motor technology for solar, semiconductor, LED and flat panel display products. In addition to investing the capital from the round in developing its3D desposition technology, Persimmon also plans to begin working on new products that would benefit from the exchange of research and development data with ABB.
Grant Allen, principal at ABB Technology Ventures in North America, said: “ABB has been extremely impressed by Persimmon’s team and its R&D efforts to date. 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.”
“ABB’s involvement opens a unique opportunity for our technology,” added Dr Martin Hosek, Persimmon’s Chief Technology Officer. “Together, we can greatly accelerate the pace of motor innovation and expand our 3D deposition processes across a range of applications in the rapidly growing market of high-performance and efficient motors.”