TLDR:
- Niron Magnetics received $25 million in strategic funding from Samsung Ventures, Allison Ventures, and Magna.
- The funding will be used to expand production facilities, increase manufacturing capacity, and accelerate research and development efforts for Niron’s Clean Earth Magnet® technology.
On February 20, 2024, Niron Magnetics, a company specializing in high-performance, rare earth-free permanent magnets, announced a $25 million strategic funding round led by Samsung Ventures. Other investors included Allison Ventures and Magna, as well as existing investors like GM Ventures and Volvo Cars Tech Fund. The funding will enable Niron to enhance its pilot production facilities, scale up manufacturing capacity, and accelerate research and development efforts to improve performance and efficiency. The funding will also support the commercialization of Niron’s Clean Earth Magnet® technology. Wilson Sonsini Goodrich & Rosati advised Niron on this transaction, with a team including Michael Danaher, Avi Emanuel, Jordan Cruzzavala, Madisyn Klein, and Karen Becker.
