Synchrony Receives $5 Million Investment
Resource from: CBCC Likes:2939
Mar 01,2006
Synchrony Inc. (USA, privately held) announced it has received a USD $5 million capital infusion to help it expand marketing efforts into a wider global market.
Founded in 1993, Synchrony's initial focus was the development and manufacture of advanced magnetic bearings. Today the product line includes magnetic bearings, power systems, and control systems.
The $5 million comes from NewVa Capital Partners, a private equity and venture capital fund managed by Third Security. NewVa is narrowly focused on early-stage and mezzanine funding for businesses in southwest Virginia; Synchrony is its second investment.
Syncrony said it will now be able to double its workforce to more than 20 skilled workers, and expand its operations to more than 11,000 square feet.
Dr. Victor Iannello, Synchrony's President, said: "Our innovative technology is embedded in next-generation products for the aerospace, defense, and energy sectors. This investment is an incredible opportunity for us to scale up our operations and leverage the technology to reach its full market potential. Our mission is to be the global leader in magnetic control technologies. The entire organization shares my excitement."
Third Security Chairman, R.J. Kirk, said: "We believe that Synchrony possesses a significant technology lead in the field of magnetic bearings and control technologies and is poised to exploit that technology on a worldwide basis."
Synchrony has developed strategic relationships with DoD, NASA, Rolls-Royce and others. In 2005, the company announced a major venture with Rolls-Royce, a project to develop the electric power control systems for a new supersonic cruise missile engine.
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