Investment Counsel Magnefy Guided by WilmerHale During Pre-Initial Capital Investment Phase
Stanford Spin-off Magnefy Secures $1.5 Million Pre-Seed Funding
Magnefy, a Stanford University spin-off, has successfully closed a $1.5 million pre-seed funding round. The funding round, which was led by Dolby Family Ventures, was oversubscribed and also included participation from Sunna Ventures, Dangerous Ventures, Cyan Ventures, and Antler.
The funding will be used to develop Magnefy's technology, which is designed for real-time predictive maintenance of critical power assets. Powered by edge AI and high-frequency magnetic sensing, the technology promises to revolutionise the maintenance industry by providing early warnings of potential failures, thus reducing downtime and costs.
Although Jekkie Kim and Dimitry Lensky are not investors in Magnefy, they played a crucial role in the pre-seed financing. Jekkie Kim, a corporate partner, advised Magnefy on the financing, while Dimitry Lensky, a counsel, also provided legal advice. Both legal advisors were instrumental in ensuring a smooth and successful funding round.
The specific investors in the round are not publicly disclosed, as the public sources emphasize the amount and timing but omit investor identities. To obtain detailed investor information, direct inquiry with Magnefy or access to private funding disclosures may be necessary.
Magnefy's pre-seed financing was advised by WilmerHale, a leading global law firm. The company's mission is to transform the power industry by providing innovative solutions for predictive maintenance, and with this funding, it is well on its way to achieving that goal.
As Magnefy continues to grow and develop its technology, it is poised to make a significant impact on the power industry, ensuring that critical assets are maintained efficiently and effectively, reducing downtime and costs, and ultimately improving the reliability of power infrastructure worldwide.
