R.J. Kirk of Third Security: Investment "mirrors the company's progress.">Roanoke County-based Synchrony Inc. has once again drawn major investment from Third Security. The complany, which specializes in technology for rotating machinery and power conversion systems, has received $10 million in Series C funding from New River Management VI, a venture fund managed by Third Security, LLC.
The funding follows on the heels of analysis of the global market for Synchrony's product lines, expanded production capacity and sales growth. That growth was evident in a recent $16 million commitment from McQuay International for drive trains.
"This 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," says Randal J. Kirk, chairman and CEO of Third Security.
"With the increasing global demand for innovative, clean industrial components, Synchrony is well positioned with its product line, especially the Fusion(R) 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.
"This is another significant step for Synchrony and a demonstration of the strong sales potential for our magnetic bearing technology," says Synchrony President and Founder Dr. Victor Iannello, Valley Business FRONT’s Business Person of the Year for 2009.
"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.
(From press release.)
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