ABB Technology Ventures (ATV) yesterday announced its 17th investment, a Series B financing of Persimmon Technologies, creator of a new high precision industrial robot and developer of breakthrough 3D printing processes using air fuel deposition to literally ‘print’ higher performing metal motor components. Since launching in 2011, Persimmon has been developing in conjunction with its core vacuum robotics business this deposition process, a novel approach to making motor components that aims to increase power density, eliminate manufacturing steps and reduce costs, funded in large part by NSF grant money.
ATV is the VC arm of Swiss engineering giant ABB and has had an active presence in the D.C. area, thanks to senior vice president, Grant Allen, formerly with Core Capital Partners and a founding member of NextGen Angels.
ABB is a $40 billion revenue industrial conglomerate based in Zurich, Switzerland, and Persimmon’s ‘Hybrid Field’ 3D technology is of prime interest to this leading motor maker. In 2010, ABB acquiredBaldor Electric Company, a producer of industrial electric motors, mechanical power transmission products, drives and generator sets for $4.2 billion. ABB is also a world leader in larger scale, 6-axis industrial robots. You can, for instance, see ABB robots featured in “Iron Man 3” as Tony Stark’s virtual ‘assistants.’
The Persimmon investment capped a $13 million total Series B financing led initially by Intel Capitaland Nidec Sankyo. The company has raised $16 million to date.