Synchrony Inc. (USA; website) said it has landed $10 million in funding from venture fund New River Management, run by Third Security, LLC.

Randal J. Kirk, Chairman and CEO of Third Security, said: "This additional investment in Synchrony mirrors the company's progress in turning its leadership in magnetic bearings technology into products that have the potential to establish Synchrony as a market leader. With the increasing global demand for innovative, clean industrial components, Synchrony is well positioned with is product line, especially the award-winning Fusion magnetic bearing."

Founded in 1993, Synchrony received $5 million from Third Security and NewVA Capital Partners in 2006; in 2007, it secured an another round of $10 million from the same group.

article: Synchrony lands $5 million investment
Synchrony's Fusion magnetic bearing won an R&D 100 Award as one of the most technologically significant products introduced in the past year.

Fusion is a compact magnetic bearing, uniquely requiring no external electronic controller, with extensive self-monitoring and self-diagnostic systems, and advanced control systems for stability and vibration reduction.

About the R&D 100 award, Synchrony CEO Dr. Victor Iannello said, "Magnetic bearings improve efficiency and reliability while eliminating the need for lubricants that may harm the environment. At a time when there is world attention on energy and the environment, Fusion bearings now make it simple and economical to integrate magnetic bearings into rotating machinery. We are proud to be named an R&D 100 winner."

Magnetic bearing applications include highly efficient motors, generators, pumps, compressors, fans and blowers in HVAC, oil and gas, wind power, air separation, water treatment, and defense markets.

Synchrony's magnetic bearing how-it-works slide show
Mr. Iannello said: "This is another significant step for Synchrony and a demonstration of the strong sales potential for our magnetic bearing technology. The latest investment from Third Security will help provide us with the necessary resources to meet the expanding global market for magnetic bearings, high-speed motors, and high-speed generators."