Synchrony Secures $10 Million from Third Security, LLC
SALEM, Va., Jan. 13 /PRNewswire/ — Synchrony, Inc., the leader in clean, efficient, and reliable technology for rotating machinery and power conversion systems, announced today that it has received $10 million in Series C funding from New River Management VI, a venture fund managed by Third Security, LLC. The funding was committed following continued analysis of the global market for Synchrony’s product lines, its expanded production capacity and sales growth as demonstrated by a recent $16 million sales commitment from McQuay International for its clean, frictionless drive trains.
“This additional investment in Synchrony mirrors the company’s progress in turning its leadership in magnetic bearings technology into products that have the potential to establish Synchrony as a market leader,” said Randal J. Kirk, chairman and CEO, Third Security. “With the increasing global demand for innovative, clean industrial components, Synchrony is well positioned with its product line, especially the award-winning FusionÃ‚® magnetic bearing. We are pleased that Synchrony is now demonstrating that its technology can provide functional solutions to real world problems and have every confidence that it will grow to achieve commercial success in competitive international markets that demand cleaner, more efficient technology.”
Synchrony’s innovations in the magnetic bearing market improve reliability, reduce friction, minimize vibration and offer advanced health monitoring and diagnostics — all without the potential environmental disadvantages of lubricants. These advances have accelerated the use of magnetic bearings in the industrial and defense sectors. The wide range of applications include highly efficient and environmentally friendly motors, generators, pumps, compressors, fans, and blowers in sectors such as HVAC, oil and gas, renewable energy, air separation, water treatment, and defense markets.
The company’s award winning FusionÃ‚® bearings were commercially introduced in 2008 after years of development and testing. FusionÃ‚® bearings are unique from all other magnetic bearings in their compact size, elimination of external electronics, high speed digital processing and unequaled diagnostic capabilities. In 2009, R&D magazine named Synchrony’s FusionÃ‚® bearing as a prestigious Editor’s Choice and one of the 100 most technologically significant products of the past year. Synchrony’s Fusion line was also featured this month in a New York Times article. (See http://www.nytimes.com/2010/01/03/business/03novel.html )
“This is another significant step for Synchrony and a demonstration of the strong sales potential for our magnetic bearing technology,” said Synchrony President and Founder Dr. Victor Iannello. “The latest investment from Third Security will help provide us with the necessary resources to meet the expanding global demand for magnetic bearings, high-speed motors and high-speed generators.”
The latest round of Synchrony’s funding follows a 2006 investment of $5 million from Third Security LLC and NewVa Capital Partners. In 2007, Synchrony secured an additional $10 million in Series B financing from the same venture capital firms.
Founded in 1993, Synchrony brings a spirit of engineering excellence, bold innovation and creativity to improving rotating machinery and power conversion systems. The company develops and delivers world-class products that maximize the ROI, energy savings, and environmental benefit of its customers’ machines. Synchrony is headquartered in Salem, Virginia. For more information visit the new www.synchrony.com.