ROANOKE, VA—Synchrony Inc., a company that develops and makes magnetic bearings, power and control systems has powered up with a $10 million Series B round from New River Mangement V and NewVA Capital Partners.
Both firms are managed by Third Security of Radford, Virginia. Affiliates of Third Security and NewVa Capital Partners, LP provided Synchrony with Series A financing in February 2006.
“Our simple credo is that if you like something, you should want more of it, and we like this company,” said R.J. Kirk, Chairman and CEO of Third Security.
Kirk is among TechJournal South’s 25 of the Most Influential People in Southeast tech, selected from nominations by venture capitalists, entrepreneurs and economic development organizations in our Nov. print issue.
Synchrony Chairman and CEO Dr. Victor Iannello said this investment will allow the company to build on its recent successes, including the Fusion bearing, the only active magnetic bearing in the world that does not require an external electronic control system. The company will also continue to pursue strategic partnerships worldwide.
The 28-employee company says it plans to double its staff size in 2008.
“This year has been one of robust growth for our company, including the expansion of our research and manufacturing operations into a 58-thousand square foot facility,” Iannello said.
“We are becoming the global leader in clean, efficient, and reliable energy solutions using our unique magnetic levitation and power conversion technologies.”
In September, Synchrony announced plans to upgrade its operations and manufacturing capacity located in Valley Tech Park in Roanoke County.
Since its start in 1993, Synchrony has reached several significant milestones, including a development program with Rolls-Royce to develop the starter generator and power electronics module for a new supersonic cruise missile engine.
It has also received nearly $9 million in research contracts from the U.S. Department of Defense and NASA. Most of its current 28 employees are engineers and technicians associated with its research and development activities.
On the Web: www.synchrony.com
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