Niron Magnetics, a company developing high-performance rare-earth-free permanent magnets, has secured $25 million in strategic funding.
The funding round was led by Samsung Ventures, with participation from Allison Ventures, the venture capital arm of Allison Transmission, and Magna.
The investment will be used to expand Niron’s manufacturing facilities and increase the production capacity of its Clean Earth Magnet. With the new financing, Niron plans to expand its pilot production facilities, improve its ability to serve a diverse customer base and support customer prototyping programs. The company also plans to increase production capacity to meet growing demand and accelerate research and development efforts to continuously improve performance and efficiency.
In addition to Samsung Ventures, Allison Transmission, and Magna, current investors Shakopee Mdewakanton Sioux Community and the University of Minnesota also participated in this round, providing additional funding. Joining Niron’s impressive list of investors, which includes GM Ventures, Stellantis Ventures, Volvo Cars Tech Fund, and others, this diverse group of strategic partners demonstrates the potential for Niron’s Clean Earth Magnet technology to revolutionize a wide range of industries.
