On February 20, 2024, Niron Magnetics, the company pioneering the world's first high-performance, rare earth-free permanent magnets, announced it has received $25 million in new strategic funding. The round was led by Samsung Ventures, and included new investors Allison Ventures, the venture capital arm of Allison Transmission, and Magna. In addition, current investors Shakopee Mdewakanton Sioux Community and University of Minnesota participated in the round joining Niron’s impressive list of investors which includes GM Ventures, Stellantis Ventures, Volvo Cars Tech Fund, and more. Wilson Sonsini Goodrich & Rosati advised Niron Magnetics on the transaction.

With this new funding, Niron will expand its pilot production facilities, enhancing its ability to serve diverse clientele and support customer prototyping programs. The company will also scale up manufacturing capacity to meet growing demand and accelerate research and development efforts to drive continuous improvement in performance and efficiency. The round of funding will also help accelerate the commercialization of Niron’s Clean Earth Magnet® technology.

The Wilson Sonsini team that advised Niron on the transaction includes Michael Danaher, Avi Emanuel, Jordan Cruzzavala, Madisyn Klein, and Karen Becker.

For more information, please see Niron Magnetics’ press release.