SpinDrive in a €1.6 million pre-Series A funding round backed by Innovestor.

SpinDrive, a Lappeenranta, Finland-based developer of magnetic levitation technology used for achieving industrial efficiencies, announced completing a €1.6 million ($1.9M) pre-Series A funding round.

The money was raised from investors led by the Finland-based venture capital firm Innovestor, joined by Butterfly Ventures, also from FInland, by the German investor Born2Grow  and by the impact investor SDGx from Australia. The equity investment was complemented by soft funding.

SpinDrive, founded in 2015 by Alexander Smirnov, CEO Janne Heikkinen and Nikita Uzhegov, creates customized levitation technology, namely active magnetic bearings helping equipment manufacturers reduce rotating equipment lifecycle costs as they reach the highest possible rotational speed and completely eliminate friction.