Linear Labs Raises $6 Million in New Funding and Expands Board of Directors
New Investment Round Announced on the Heels of $68.9 Million
Incentive Package with City of Fort Worth, Texas
FORT WORTH, Texas, Oct. 13, 2020 /PRNewswire/ -- Smarter energy company Linear Labs has raised an additional $6 million in funding to further develop manufacturing capabilities and grow their employee base. The new capital comes shortly after Linear Labs' $68.9 million partnership with the City of Fort Worth, Texas, was announced, which includes an incentive package involving Linear Labs' plans to develop an advanced manufacturing facility and support thousands of new, skilled jobs over the next 10 years.
The new round was closed with participation from new and existing investors including Champion Hill, Chris and Crystal Sacca's Lowercarbon Capital, Kindred Ventures, Gen Fukunaga, Duke Angel Network, Spike Ventures, and also Moving Capital – an Uber-alumni investing syndicate.
The funding will be used to expand manufacturing expertise, supply chain infrastructure and logistics, as well as advanced automation and robotics engineering, in order to meet the current signed customer needs of producing 100,000 units in 2021 with a target of 1,000,000 units the following year. Clients for these motors include global OEMs in automotive, micro-mobility, industrial pump and applications, as well as residential and light commercial HVAC.
"The success of our most recent funding round is a testament to our superior technology and the versatility of its uses – from more efficient industrial applications and pumps to increased range of mobility applications to more sustainable air conditioners," said Brad Hunstable, Co-Founder and Chief Executive Officer of Linear Labs. "Our mission is resonating not only with the best minds in Silicon Valley, but also the growing technology hub that is the Fort Worth area. We're making a global impact through smarter utilization of energy as we enter the beginning of Energy 2.0, with a motor that is as big a breakthrough in energy as any major battery breakthrough."
Additionally, Linear Labs has expanded their Board of Directors to include Chris MacFarland, Chairman and CEO of Texas-based Masergy, a software-defined cloud platform leader.
"I can see that Linear Labs is going to effect change on an international scale in multiple industries," said MacFarland. "The company is getting bigger by the moment, and to join their board just as their new funding is secured and their deal with Fort Worth is announced, is fortuitous timing. Amazing things are just around the corner, including incredible economic possibilities with Linear Labs' new U.S. production facilities."
The patented HET motor technology from Linear Labs is an entirely new class of electric machine, producing up to twice the torque of competitor motors – or the same torque in half the size – and can also be made using rare-earth or ferrite magnets. The design is based upon a breakthrough magnetic flux tunnel featuring both dual axial flux and dual radial flux rotors tied together around one stator, meaning it is effectively four motors working as one.
The initial next phase of Linear Labs production will include the 200 series motor, which provides two times the peak torque of its closest competitor, at 108 Nm with bursts up to 140 Nm. The 200 series motors are also 1.7 kg lighter than competitors, with average efficiency over the RPM range of 88 percent versus the competitions' 59 percent, and with Linear Labs' motors offering peak efficiency of 92 percent.
For more information about the technology visit linearlabsinc.com.
About Linear Labs, Inc.
Linear Labs, a U.S.-based smarter energy company, is entering production with the highest torque and efficiency electric motor system ever designed that is redefining mobility, industrial, HVAC and robotic applications, ushering a new era of smarter energy utilization. Linear Labs motors are designed to deliver ultra-high efficiency with patented breakthroughs leading to double the torque of competitive motors, increased range, and significantly lowered power consumption.
The company's smart electric motors are IOT connected with machine learning intelligence software and feature the world's first electric transmission able to adjust for changing conditions in real time, compounding efficiencies as motor settings are customized to application and usage needs.
SOURCE Linear Labs Inc
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