Persimmon Technologies Corporation Completes $14M Series B Funding with New Investors ABB Ventures and Berwind Private Equity
WAKEFIELD, Mass., March 11, 2014-- Persimmon Technologies Corporation, a provider of Vacuum Robotics and Hybrid-Field Motor Technology for the semiconductor, LED, FPD and solar equipment markets, has completed its Series B round of investment, with the latest funds coming from two new investors, The ABB Group, a $40B leading global power and automation technology company, and Berwind Private Equity. ABB and Berwind joined Intel Capital, Nidec Sankyo and The Bernard Gordon Charitable Remainder Trust as key investors in Persimmon. With this latest investment, Persimmon raised an aggregate of approximately $14M in its Series B round.
Since launching in 2011, Persimmon has been developing disruptive hybrid-field motor technology, a new approach to making motor components using 3D deposition processes that aims to increase power density, eliminate manufacturing steps and reduce component costs. The company’s first prototype motor concept increases the stator effective area and produces a higher output motor with comparable size and material cost.
This dynamic development work has been funded in large part by four National Science Foundation grants and this new funding will help Persimmon expand both its existing vacuum robotics product portfolio and invest further in the development of hybrid-field motor technology. The ABB investment was made through ABB’s venture capital unit, ABB Technology Ventures, to help Persimmon develop its 3D deposition technology for motor component manufacturing and also codify joint development of many new Persimmon products, allowing for the exchange of research and development information in industrial motors that Persimmon is producing today.
“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.”
“ABB’s involvement opens a unique opportunity for our technology,” said Dr. Martin Hosek, CTO at Persimmon. “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”.
“The team at Persimmon Technologies has a proven legacy of delivering customer value and capturing opportunities in their industry,” said Dr. Hope Chik, Director of Venture Investments at Berwind Private Equity. “We look forward to joining an impressive investor base that is committed to supporting Persimmon’s disruptive technologies as the company continues to grow.”
“We are excited to begin working with global motor technology leader ABB and Berwind Private Equity,” said Michael Pippins, CEO of Persimmon. “The addition of such strong partners to an already impressive list of investors including Intel and Nidec Sankyo, puts Persimmon in a great position as we continue commercialization of our hybrid-field motor technology. They each bring unique expertise to Persimmon and we look forward to leveraging their experience and knowledge as we continue to expand our business.”
ABB (www.abb.com) is a leader in power and automation technologies that enable utility and industry customers to improve their performance while lowering environmental impact. The ABB Group of companies operates in around 100 countries and employs about 150,000 people.
About ABB Technology Ventures
ABB Technology Ventures (ATV) is the corporate venture capital arm of the ABB Group (ABB). Headquartered in Zurich, with offices in Silicon Valley and Washington, DC, ATV invests in high potential technology companies that can benefit from ABB’s engineering resources and global market access. Investing since 2010, ATV has deployed over $160 million into a wide range of sectors including cyber security, robotics, smart grid, renewable power generation and data center efficiency. Learn more at abb.com/ventures.
About Berwind Private Equity
Berwind Private Equity (BPE) is a multi-generational company that identifies investment opportunities for the Berwind family. Headquartered in Harvard, Massachusetts, BPE’s venture team invests in promising technologies across a broad range of industries. For more information on Berwind Private Equity, please visit www.berwindprivateequity.com.
About Persimmon Technologies
Persimmon Technologies is a leading provider of vacuum robotics and Hybrid-Field 3D printed motor technology for the semiconductor, solar, LED, and flat panel display equipment markets. Headquartered outside of Boston, Massachusetts, Persimmon’s management team has over 60 years of experience in the development, manufacture and distribution of advanced robotics and automation systems worldwide. Persimmon is also the exclusive reseller for Nidec Sankyo atmospheric robots in the United States. For more information on Persimmon technology, please visit www.persimmontech.com.
Persimmon Technologies Corporation
Michael W. Pippins, 781-587-0677 ext.7006
President and CEO
Venture Capital Database