Sp Control Technologies, startup developer of a new artificial-intelligence magnetic design platform known as Frenetic, has recently bolstered its go-to-market power with a fund raising backed by venture capital investors in Spain, Portugal and Germany.
“We have closed a financial round of EUR 1.3 million which is basically for entering the market with much more resources,” said Jose Maria Molina Garcia, founder. This follows an earlier funding of EUR 350 thousand closed in the fall.
Participation in the most recent funding which closed in July came from 42CAP, a seed stage investment firm in Munich which specializes in backing emerging digital, software and AI companies, from Spanish firms Big Sur Ventures and Bankinter, and from Busy Angels in Portugal, now known as Bynd Venture Capital based in Lisbon.
“The funds will be used for reaching a relevant position in the magnetic design market,” said Molina who also serves as chief engineer of the company.
Located in Madrid, Sp Control Technologies is a power electronics design studio that specializes in power conversion products and magnetic design. Its Frenetic platform features the capability to learn from each design iteration of a project and improve results through artificial intelligence, reducing the gap between classic equations and real measurements. Users are connected through the Frenetic web platform, allowing engineers anywhere in the world to create their magnetic design and receive samples in their lab in less than a week, the company says.
For more info, www.spfrenetic.com.