(SALEM, VA, April 1, 2011)
Synchrony Inc., which sells magnetic bearings and high-speed motors and generators, has raised $5 million from a single investor, according to a regulatory filing.
It received $10 million in Series C funding from New River Management VI, a venture fund managed by Third Security in January 2010. funding that followed a 2006 investment of $5 million from Third Security and NewVa Capital Partners. In 2007, Synchrony secured an additional $10 million in Series B financing from the same venture capital firms.
The company was founded in 1993 by Dr. Victor Iannello, CEO and president. Iannello has led many programs related to high performance rotating machinery and holds patents related to magnetic bearings, motors, generators, and energy conversion systems. He is also a co-founder of Sunapsys, Inc., which integrates automation systems.
The company says its 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.
Synchrony was named a Virginia Fantastic 50 company in 1999 for its growth. Clients have included NASA, the US Air Force, and Rolls Royce.
The company disclosed the latest raise in a filing with the U.S. Securities and Exchange Commission.