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.”
About ABB
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 (NYSE: 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.
Copyright Business Wire 2014