CPE News (4.15.2024) – SmartD Technologies has raised $14.2 million in Series A funding led by Investissement Québec, with significant participation from Hammond Power Solutions, and existing investors, Boreal Ventures and SE Ventures.
Led by founders, CEO Simon Leblond and CTO Simon Caron, Montréal based SmartD Technologies is a Canadian technology company that specializes in high-efficiency variable frequency drives for motor control. The company has developed the first-ever SiC-based VFD that feeds the motor with a real sine wave, allowing power drive systems to be filterless and exceed the IEEE519 recommendation for harmonics. SmartD Technologies’ VFDs are easy to use, cost-effective, and customizable to meet the specific needs of each customer.
With new funding, SmartD Technologies is primed to accelerate its pace of innovation, advance its technology roadmap, and establish itself as a driving force in the global transition towards clean and efficient energy solutions.
SmartD Technologies secured seed financing led by Schneider Electric in 2020 and additional seed funding from Boreal Ventures in 2023.
photo credit: SmartD
News Release
SmartD Technologies Secures $14.2 Million Series A to Propel Go-to-Market and Next-Generation Variable Frequency Drive Development
11 April 2024
SmartD Technologies, a leader in the development of Silicon Carbide (SiC)-based variable frequency drives, proudly announces the successful closure of its Series A funding round, securing a total of $14.2 million in investment. Leading the funding round is Investissement Québec, with significant participation from Hammond Power Solutions. This round is further bolstered by continued support from existing investors, Boreal Ventures and SE Ventures.
This infusion of capital marks a crucial milestone for SmartD Technologies as it embarks on an accelerated trajectory towards revolutionizing the variable frequency drive (VFD) landscape. The funding will be strategically utilized to expedite the realization of SmartD’s ambitious roadmap, particularly focusing on the development and commercialization of higher power versions of its groundbreaking Clean Power VFD
SmartD’s Clean Power VFD is not only the first SiC-based VFD, but also represents a paradigm shift for motor control as it delivers a completely clean sine-wave to motors, removing the need for external filters. By harnessing cutting-edge technology and innovative engineering, SmartD empowers industries to enhance operational efficiency while simultaneously reducing environmental impact.
“We are immensely proud to announce the successful closure of our Series A funding round, which stands as a testament to the confidence and support vested in SmartD Technologies,” said Simon Leblond, CEO and Co-founder of SmartD Technologies. “This significant investment will fuel our relentless pursuit of innovation, enabling us to expedite the development and deployment of our transformative Clean Power Variable Frequency Drive solutions.”
Investissement Quebec’s lead investment underscores the strategic alignment of SmartD’s product vision with Quebec’s energy efficiency and reinforces Quebec’s position as a global hub for technological innovation. “With this equity investment, Investissement Québec is playing its part to the full: giving a promising business the latitude it needs to drive its development and commercialization efforts, and assisting it with its growth strategy. SmartD’s technologies will contribute to the modernization, sustainability and efficiency of a host of players operating in a wide range of industries, here and abroad”, said Bicha Ngo, President and CEO, Investissement Québec
Hammond Power Solutions’ participation further validates SmartD’s market potential and its disruptive impact on the power electronics landscape. “We are excited to support a fellow Canadian innovator who’s journey of improving power quality in the variable frequency drive market is so well aligned with HPS’ work in this space”, said Adrian Thomas, CEO Hammon Power Solutions.
With this substantial infusion of capital, SmartD Technologies is primed to accelerate its pace of innovation, advance its technology roadmap, and establish itself as a driving force in the global transition towards clean and efficient energy solutions.
About SmartD Technologies
SmartD Technologies is a Canadian technology company that specializes in high-efficiency variable frequency drives for motor control. The company has developed the first-ever SiC-based VFD that feeds the motor with a real sine wave, allowing power drive systems to be filterless and exceed the IEEE519 recommendation for harmonics. SmartD Technologies’ VFDs are easy to use, cost-effective, and customizable to meet the specific needs of each customer.
About Investissement Québec
Investissement Québec’s mission is to play an active role in Quebec’s economic development by stimulating business innovation, entrepreneurship, and business acquisitions, as well as growth in investment and exports. Operating in all the province’s administrative regions, the Corporation supports the creation and growth of businesses of all sizes with investments and customized financial solutions. It also assists businesses by providing consulting services and other support measures, including technological assistance available from Investissement Québec Innovation. In addition, through Investissement Québec International, the Corporation prospects for talent and foreign investment, and assists Quebec businesses with export activities.
https://www.investquebec.com/quebec/fr
About Hammond Power Solutions
Hammond Power Solutions Inc. (“HPS”) enables electrification through its broad range of dry-type transformers, power quality products and related magnetics. HPS’ standard and custom-designed products are essential and ubiquitous in electrical distribution networks through an extensive range of end-user applications. HPS has manufacturing plants in Canada, the United States (U.S.), Mexico and India and sells its products around the globe. HPS shares are listed on the Toronto Stock Exchange and trade under the symbol HPS.A.
https://www.hammondpowersolutions.com/
About Boreal Ventures
Boreal Ventures is a Montreal-based venture capital firm, specializing in early-stage investments for deeptech startups. With over $35 million of assets under management, the firm’s areas of focus include AI, industry 4.0, data analytics, IoT, health tech and engineering solutions.
https://www.boreal.vc/en/home
About SE Ventures
SE Ventures is a 1B EUR global venture capital fund investing in big ideas and bold entrepreneurs who benefit from Schneider Electric’s deep domain expertise and global customer reach. SE Ventures acts as a strategic commercial accelerant for category-defining companies in energy, mobility, prop-tech, cybersecurity and industrial automation.
https://www.seventures.com/home.jsp
Contact: press@smartd.tech