SpinDrive, the Finnish pioneer in affordable active magnetic bearings for original equipment manufacturers (OEMs), has announced the successful completion of a 3.8-million-euros Series A funding round.

The round was led by U.S.-based investor Rhapsody Venture Partners, focusing on hardware companies, with participation from existing investors Innovestor and Born2Grow.

SpinDrive's frictionless bearings operate through magnetic levitation, eliminating contact between rotating and stationary parts, resulting to no friction and a maintenance cycle that extends up to two decades. Additionally, the bearings provide condition monitoring and predictive maintenance for the entire machine, reducing overall equipment maintenance costs by over 80 per cent.

The energy-saving capability of these bearings enables manufacturers to reduce energy needs by as much as 15 per cent, addressing a crucial aspect of the world's electricity consumption.

Janne Heikkinen, CEO and Co-Founder, SpinDrive, stated, "Climate change is the biggest challenge of our time. By improving the energy efficiency of existing and new machinery, we tackle the problem in a massive area and provide a significant impact."

The company aims to build a carbon-negative future and is targetting to cut 500 metric tonnes of CO2 annually by 2050 through its contributions to energy efficiency in industrial machinery.