Danotek Raises $15M in Series B Round
Canton, MI-based Danotek Motion Technologies, a startup company that develops and manufactures permanent magnet generators and related converter systems for the wind-energy industry, today announced that it has secured $15 million in funding. Led by four of the world’s leading renewable energy venture capital firms—Khosla Ventures, CMEA Capital, GE Energy Financial Services, and Statoil Technology Invest, along with independent contributors—the Series B financing round will help bring to market new technology that the company says will make wind turbines more efficient, reliable, and affordable. The funds will be used to expand research and development initiatives, as well as launch initial production. This latest round of venture capital brings the total private funding invested in Danotek to $41 million. Back in June, Xconomy first reported that Danotek was finalizing a new financing round.