1 The EIC Accelerator Project

The European Innovation Council (EIC) Accelerator program is a pivotal funding initiative designed to support innovative startups and small to medium-sized enterprises (SMEs) in Europe. This program aims to foster the development of deep tech and high-potential companies by providing substantial financial backing and resources for their growth, particularly in the scale-up phase. The EIC Accelerator offers two primary forms of funding: grants and equity investments.

Funding Structure

Purpose and Impact

The EIC Accelerator plays a significant role in the European deep tech ecosystem by enabling startups to move from the concept phase to market entry and scaling. This program not only provides financial resources but also offers access to a network of experts, potential partners, and investors, enhancing the chances of success for innovative companies. By bridging the funding gap that often exists for early-stage deep tech firms, the EIC Accelerator helps these companies become competitive in both European and global markets.

Role in Scaling and Private Funding

The EIC Accelerator fosters collaboration between startups and private sector investors. By providing initial funding, it lowers the risk for private investors, encouraging them to engage with high-potential startups. The program also offers advisory services and mentorship, helping companies refine their business strategies, attract further investment, and ultimately scale their operations effectively.

EIC Accelerator Winner: SpinDrive Oy

Project Acronym: MAGMA X100
Website: spindrive.fi
Country: Finland
Cut-off Date for Proposal Submission: November 8, 2023

Project Overview

SpinDrive Oy's MAGMA X100 project focuses on developing the smallest, most affordable, and efficient active magnetic bearings designed for ultra-high-speed applications. These bearings are a critical component in various high-performance machinery, including turbines, motors, and other rotating equipment, where traditional bearings may not perform adequately due to friction and wear.

Technology Background

Active magnetic bearings (AMBs) utilize electromagnetic forces to levitate and stabilize rotating shafts. Unlike conventional bearings that rely on physical contact, AMBs eliminate friction, which significantly reduces wear and increases operational efficiency. This technology is particularly beneficial in applications where high-speed rotation is required, as it allows for smoother operation and less heat generation.

The MAGMA X100 project aims to innovate in the field of AMBs by developing a compact and cost-effective solution without compromising performance. By leveraging advanced materials and cutting-edge engineering techniques, SpinDrive Oy is positioned to revolutionize the market for ultra-high-speed applications, making these systems more accessible to a broader range of industries.

The potential applications of the MAGMA X100 extend beyond traditional sectors, including aerospace, automotive, and renewable energy. As industries increasingly demand more efficient and reliable components, the benefits of active magnetic bearings—such as reduced maintenance needs, improved energy efficiency, and enhanced performance—become more compelling.

In summary, the EIC Accelerator program serves as a crucial catalyst for fostering innovation and scaling in the European startup ecosystem. SpinDrive Oy's MAGMA X100 project exemplifies how targeted funding and support can propel groundbreaking technologies, paving the way for advancements in ultra-high-speed applications and contributing to a more competitive and sustainable industrial landscape.

2 The Funding Rounds

SpinDrive Oy: Financing and Funding Events Since EIC Accelerator Submission (Nov 8, 2023)

SpinDrive Oy, a Finnish cleantech company specializing in active magnetic bearings, has experienced notable funding activity since submitting its successful EIC Accelerator proposal on November 8, 2023.

Financing Raised

• EIC Accelerator Grant: In February 2024, SpinDrive secured a €2.5 million grant from the European Innovation Council (EIC) Accelerator to advance their innovative active magnetic bearings solution. This funding aims to propel product development and commercialization efforts.
• Cumulative Capital Raised: As of early March 2024, SpinDrive had raised over €10 million in total funding from venture capitalists, private investors, and public sources—including the European Commission—since its founding.

Funding Rounds

Date	Round	Amount	Investors/Source
Nov 8, 2023	Series A	€3.8 million	Led by Rhapsody Venture Partners; also Innovestor (Finland), Born2Grow (Germany)
Feb/Mar 2024	Grant	€2.5 million	EIC Accelerator Grant

Details of Recent Funding Rounds

• Series A Round (November 8th, 2023):
• Amount: €3.8M
• Lead Investor: Rhapsody Venture Partners (US-based hardware-focused VC)
• Participating Investors: Innovestor (Finland), Born2Grow (Germany)
• Purpose: To support commercial growth and expand global market presence in industrial efficiency solutions.
• EIC Accelerator Grant Awarded (~February/March 2024):
• Amount: €2.5M
• Nature: Non-dilutive grant for deeptech innovation under EU’s flagship accelerator program.
• Announced publicly February/March; aligns with typical timing for post-cutoff award announcements (~three months after cutoff submission).

Investor Information

The most recent equity round was led by: - Rhapsody Venture Partners – US-based firm with focus on hard science breakthroughs.

• Other participants included:
• Innovestor – Finland-based venture capital firm.
• Born2Grow – Germany-based investor supporting technology startups.

Earlier rounds included both private investors and public funds—no specific information is published regarding additional individual or corporate investor names outside these leads.

Company Valuation

No explicit post-money valuation figures have been publicly disclosed for any recent financing rounds as of May 2025.

Exit Events

As of early May 2025:

• There are no reported IPOs or acquisition/buyout events involving SpinDrive Oy.
• The company continues operating as an independent entity focused on international expansion across Europe, North America, China, and other regions through ongoing commercial partnerships.

---

Sources

• SpinDrive Secures €2.5 Million Funding from EIC Accelerator
• SpinDrive raises €2.5 million grant
• Finnish cleantech SpinDrive raises €3.8 million to cut industrial energy waste with magnetic levitation bearings
• Finnish cleantech company SpinDrive raises €3.8M to cut industrial energy waste and pollution with magnetic levitation bearings

3 The Press Releases

SpinDrive Oy's EIC Accelerator Funding and Recent Developments SpinDrive Oy, a Finnish cleantech company specializing in active magnetic bearing (AMB) systems, secured €2.5 million in grant funding through the European Innovation Council (EIC) Accelerator program in February 2024. The funding supports their MAGMA X100 project, which aims to deliver compact, cost-effective AMBs for ultra-high-speed industrial applications like compressors and turbines.

Key Partnerships and Technology Advancements

• Collaboration with VEM Group: At SPS 2024 in Nuremberg, SpinDrive showcased its Magma X800 controller integrated into VEM’s 880 kW high-speed motor (12,000–20,000 rpm), emphasizing precision and energy efficiency.
• Global Customers: SpinDrive serves clients in Finland, Germany, the U.S., China, and other markets with AMB systems that eliminate friction-bearing maintenance for up to 20 years while reducing CO₂ emissions.
• Academic Roots: Co-founded by Lappeenranta University of Technology (LUT) researchers in 2015, SpinDrive leverages academic expertise to standardize multi-megawatt AMB solutions for industrial scalability.

Recent Milestones

• Series A Funding: In November 2023, SpinDrive raised €3.8 million led by Rhapsody Venture Partners to expand commercial operations and develop new AMB product lines.
• Product Innovation: The Magma X800 controller supports machinery up to 3 MW power and over 150,000 rpm speeds while enabling IoT-based predictive maintenance.

---

Sources

• Unveiling the Latest EIC Accelerator Results: A Comprehensive Analysis
• SpinDrive Secures €2.5 Million Funding from EIC Accelerator

4 The Technology Advancements

SpinDrive Oy: Advancements Since EIC Accelerator Funding

SpinDrive Oy, a Finnish cleantech company, specializes in active magnetic bearing (AMB) solutions designed to enhance energy efficiency in industrial processes. Since receiving €3.8M in Series A funding on November 8, 2023, SpinDrive has continued to advance its technology and expand its market presence.

Current Capabilities

SpinDrive provides tailored AMB systems for original equipment manufacturers (OEMs), offering solutions that are smaller, more energy-efficient, and more affordable than traditional competitors. Their technology enables machinery to operate at higher rotational speeds without friction, significantly reducing maintenance and energy consumption. The company has developed innovative solutions such as the Magma X800 controller, which supports a wide range of high-speed applications, from 35 kW to 3 MW and rotational speeds of up to 150,000 rpm.

Advancements and New Features

Following the funding, SpinDrive has focused on boosting global growth and developing new AMB applications. The company has collaborated with partners to unveil groundbreaking high-speed motor technology, such as a 880 kW motor with rotational speeds between 12,000 rpm to 20,000 rpm, demonstrating the capabilities of its Magma X800 controller. Additionally, SpinDrive secured €2.5 million from the European Innovation Council (EIC) Accelerator in February 2024, aimed at further innovating its AMB solutions to tap into new market potential.

Market Demonstrations

SpinDrive has successfully demonstrated its technology in various industrial settings. For instance, its AMBs have been integrated into Runtech Systems' RunEco EP 1000 Turbo Blower in a paper mill in Turkey, showcasing the efficiency and reliability of their solutions. Moreover, their bearings have been used in turbocirculators for fusion reactors, highlighting their ability to operate in harsh environments.

Patents, Studies, and Publications

While specific new patents or scientific publications directly linked to the EIC funding are not detailed in the available information, SpinDrive's ongoing innovation efforts are directed towards enhancing its AMB technology. The company's vision includes incorporating IoT condition monitoring to further optimize efficiency and reduce maintenance costs.

Conclusion

SpinDrive continues to push the boundaries of active magnetic bearing technology, leveraging its recent funding to enhance its global presence and develop more efficient solutions. With a focus on sustainability and energy efficiency, SpinDrive is poised to play a significant role in reducing industrial emissions and promoting a carbon-neutral future.

---

Sources: - SpinDrive - Active Magnetic Bearing (AMB) systems

• SpinDrive Secured a Series A Funding
• Revolutionizing High-Speed Motors with Active Magnetic Bearing Technology by SpinDrive
• SpinDrive Receives Funding from EIC Accelerator

5 The Partnerships and Customers

SpinDrive Oy: Partnerships and Advancements Since EIC Accelerator Funding

SpinDrive Oy, a Finnish company specializing in active magnetic bearings (AMB), received significant funding from the European Innovation Council (EIC) Accelerator in November 2023. This funding marked a pivotal moment for SpinDrive, positioning it for substantial growth and innovation in the magnetic bearing industry.

Partnerships and Customers

SpinDrive has established partnerships and collaborations with several notable companies and institutions:

• Runtech Systems: A global provider of pulp and paper vacuum solutions. SpinDrive's AMB systems have been successfully integrated into Runtech's Turbo Blowers, enhancing efficiency and reducing maintenance needs.
• Teraloop Oy: A company focused on flywheel technology. SpinDrive's tailored AMB solutions support Teraloop's unique hubless design, highlighting the efficiency and low maintenance requirements of AMBs.
• Brno University of Technology: Collaborated on a project involving a turbocirculator for fusion reactors, showcasing SpinDrive's expertise in high-temperature environments.

New Relationships and Partnerships

While specific new partnerships since the EIC funding are not detailed, SpinDrive's recent appointment of Pierre Bouculat as Chief Commercial Officer is aimed at expanding its global commercial strategy and enhancing international sales and customer management.

Nature of New Relationships

The new relationships and appointments at SpinDrive are focused on enhancing its market presence and technological capabilities. These efforts aim to leverage SpinDrive's expertise in AMB systems to improve energy efficiency and reduce emissions in industrial processes.

Positioning in the Market

SpinDrive's advancements and partnerships position it as a leader in the magnetic bearing industry, known for its efficient and cost-effective solutions. The EIC funding and subsequent developments have reinforced SpinDrive's commitment to reducing CO2 emissions through improved industrial efficiency, aligning with global decarbonization goals.

Technology Advancements and Scaling

SpinDrive's technology is designed to increase system efficiency by at least 15%, enabling a significant reduction in maintenance costs and energy consumption. The company's focus on IoT condition monitoring and digital bearings supports its vision of a carbon-neutral future. The EIC funding is crucial for further innovation, allowing SpinDrive to develop smaller, more affordable AMBs that can be applied across various industries, thereby expanding its market reach.

Sources: - SpinDrive - Active Magnetic Bearing (AMB) systems

• SpinDrive - HANNOVER MESSE Exhibitor 2025
• Pierre Bouculat Joins SpinDrive as Chief Commercial Officer
• SpinDrive Secures €2.5 Million Funding from EIC Accelerator
• SpinDrive Secured a Series A Funding

6 The Hiring and Company Growth

SpinDrive Oy, the Finnish cleantech innovator behind active magnetic bearing (AMB) systems, has demonstrated steady growth since securing €3.8M in Series A funding on November 8, 2023. While specific headcount figures remain undisclosed, public records suggest a team size under 25 employees as of recent data, though this may not reflect post-funding hiring activity.

Team Expansion and Hiring Strategy
The Series A round enabled SpinDrive to accelerate commercialization of its AMB technology, which typically necessitates scaling engineering and sales teams to meet global demand across industries like turbo machinery and energy recovery systems. Key roles likely prioritized include control system engineers for their Magma® X800 AMB controller and business development personnel to expand partnerships with OEMs in Europe, North America, and Asia.

Leadership Continuity
Janne Heikkinen remains CEO since co-founding the company, with no reported management changes following the 2023 funding round. The leadership’s focus on improving industrial energy efficiency aligns with investor Rhapsody Venture Partners’ emphasis on hardware innovations addressing climate challenges.

Growth Trajectory Post-Funding
SpinDrive’s collaboration with VEM Group at SPS 2024 showcased their ability to integrate AMB systems into high-speed motors up to 150,000 RPM, suggesting technical team expansion to support such implementations. With €8M total raised historically, the company is positioned to scale operations while maintaining its Lappeenranta (Finland) and German offices.

---

Sources

• Finnish cleantech SpinDrive raises €3.8M
• SpinDrive ZoomInfo profile
• VEM Group case study
• Butterfly Ventures portfolio reference

7 The Media Features and Publications

SpinDrive Oy: Media Features and Industry Engagement Post-EIC Accelerator Funding

Finnish cleantech innovator SpinDrive Oy, recognized for its active magnetic bearing (AMB) systems, has maintained a strong industry presence through media features, technical collaborations, and conference engagements following its €3.8M funding round in November 2023. While direct references to EIC Accelerator funding are not explicitly detailed in public materials, the company's post-2023 activities highlight its focus on decarbonizing industrial processes and expanding global partnerships.

---

Media Features & Publications

• Funding Announcement: SpinDrive’s €3.8M raise was covered by press releases emphasizing its mission to reduce industrial energy waste through AMB technology.
• Case Studies: Collaborations with Runtech Systems (turbo blowers in Turkish paper mills) and Teraloop Oy (flywheel energy storage) have been documented as success stories on their website.
• Awards: Recognized as the Top Presenting Company at Tech Tour Energy & Decarbonisation 2024 for Green Energy Production innovations.

---

Podcasts & Interviews

No publicly listed podcasts or interviews featuring SpinDrive’s team were identified in available sources. The company predominantly communicates via case studies, press releases, and conference presentations.

---

Conferences & Events

• Tech Tour Energy & Decarbonisation 2024: SpinDrive showcased AMB solutions for improving rotating machinery efficiency, earning top honors in its category.
• VEM Technical Conference 2023: Presented AMB applications for high-speed motors alongside European engineers and developers.
• Hannover Messe 2025: Listed as an upcoming event participant on their newsroom, though details remain unspecified.

---

Event Involvement Strategy

SpinDrive prioritizes partnerships with industrial manufacturers like Runtech and academic institutions such as Brno University of Technology to validate AMB durability in extreme conditions (e.g., fusion reactors). Their participation at events focuses on demonstrating:

• Efficiency gains: Up to 35% energy savings compared to traditional bearings.
• Maintenance reduction: Elimination of lubrication needs cuts downtime by ~80%.

---

Sources
-SpinDrive - Active Magnetic Bearing Systems
-Finnish Cleantech Funding Announcement
-Tech Tour Award 2024
-VEM Conference Participation