# Magnax

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/magnax

- Industry: Industrial Machinery
- Headquarters: Kortrijk, Belgium
- Website: www.magnax.com
- Total disclosed funding: $15M
- Latest round: Series A (Jan 5, 2021)
- Investors on record: 3

## About

Magnax BV specializes in the development of innovative yokeless axial flux electric motors, enhancing efficiency for electric propulsion across various industries such as automotive, aerospace, and industrial machinery.Founded in 2015, Magnax BV is based in Kortrijk, Belgium, and focuses on creating advanced electric motor technology. The company has successfully raised EUR 20.000 mn in its latest funding round in August 2022, led by B.I.G. Capital, with participation from SFPI-FPIM. The founders, Daan Moreels and Kester Goh, have laid a strong foundation for the company's operations, which have included three funding deals to date.Magnax develops core technology centered around yokeless axial flux electric motors, which provide a compact and efficient solution for electric propulsion. This technology is applicable in electric vehicles, aerospace, and industrial machinery, among others. The company engages in collaborations with various partners to ensure that its products meet specific industry needs and are marketed globally across Europe, North America, and Asia.The company generates revenue through strategic B2B partnerships, supplying its advanced electric motor technology to manufacturers and OEMs. Transactions typically involve direct sales agreements or long-term contracts, allowing clients access to the latest advancements in axial flux technology, establishing a reliable revenue stream for Magnax. For the most recent year, the company reported an EBITDA of EUR 143,738.8.Magnax plans to utilize the EUR 20.000 mn raised in August 2022 to enhance customer support and accelerate product development. The company is focused on expanding its offerings, with upcoming products in the pipeline, and intends to enter new markets in Europe and Asia by 2024.

## Funding rounds

- Series A, Jan 5, 2021, $15M — Torus Capital Group, Hirschvogel Ventures, Vlerick Group

## Investors

- Torus Capital Group — Series A
- Hirschvogel Ventures (https://capitalatlas.ai/funds/hirschvogel-ventures) — Series A
- Vlerick Group — Series A