Smarter energy company Linear Labs has raised an additional $6 million in funding to further develop manufacturing capabilities and grow its employee base, the company announced Oct. 13.
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, Linear Labs said in a news release.
The com[any said 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 the 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.”
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.
For more information: www.linearlabsinc.com