H3X raises $20m from oversubscribed Series A

H3X has closed a $20 million Series A funding round led by deep tech investment firm Infinite Capital.

The oversubscribed funding round also saw participation from Hanwha Asset Management, Cubit Capital, Origin Ventures, Industrious Ventures and Venn10 Capital. Additionally, there was follow-on investment from the likes of Lockheed Martin Ventures, Metaplanet and TechNexus.

“We’re on an ambitious journey to become the world’s leading supplier of advanced electric motors,” said Jason Sylvestre, Co-Founder and CEO of H3X (pictured below). “This funding round will enable us to scale up production and operations and deliver on some very large contracts in our pipeline.”

Engineered, built, and tested at company headquarters in Denver, Colorado, H3X’s advanced integrated motor drives can scale in power from 30kW to 30MW. In the past 24 months, H3X has launched the HPDM-30, HPDM-250 and HPDM-140 integrated motor drives, and delivered these units to customers. The firm also successfully completed multiple contracts with NASA and the US Air Force.

Nathan Doctor, founder and managing partner at Infinite Capital, said: “Through the past three years working with H3X, I have seen a phenomenal display of rapid innovation from the team. Bringing technical advancements to market this fast is rare, as they have already commercialised a series of market-leading electric motors. I strongly believe we’re on the verge of electrifying aviation and maritime transport, with H3X’s electric propulsion systems as the foundational technology.”

H3X plans to use the funding to expand production and bring its next-generation of integrated motor drives to the market — HPDM-350, HPDM-1500 (pictured top), and HPDM-2300. The HPDM-1500 and HPDM-2300 will be the firm’s first megawatt-class machines, and will unlock new market segments for H3X in both marine and heavy industry.

“H3X is focused on scaling innovative technologies that we believe could offer our customers effective solutions for electrifying legacy, multi-domain systems,” said Chris Moran, vice president and general manager of Lockheed Martin Ventures. “Lockheed Martin’s continued investment in H3X underscores our dedication to advancing innovative solutions and expanding the defence industrial base to ensure the U.S and its allies remain ahead of emerging threats.”