FilterMag’s core product family, FilterMag, is a patented magnetic filtration solution that uses custom-designed, heat-resistant Neodymium alloy magnets and application-specific magnetic modeling to non-invasively extract sub-10 micron wear-causing particles. The magnets are engineered to focus a magnetic field inside filters and operate at oil temperatures up to 300°F, improving capture rates versus conventional paper, bypass and centrifugal filtration. The company cites a total addressable market opportunity in excess of $25 billion and reports thousands of installations across mining, oil & gas and distribution systems. A major mining evaluation of 28 diesel engines produced an extrapolated 1.6x lifecycle extension, a 38% reduction in operating cost per hour and lifecycle savings of $1.49 million based on an $88,480 initial investment in FilterMag products. FilterMag is headquartered in Scottsdale, AZ and has announced new global mining customers integrating its products in mobile and fixed equipment across the US, Brazil, Australia and Indonesia. To accelerate commercialization, the company has appointed Herbert J. Martin as CEO and plans to use recent funding to speed time-to-market and secure strategic partners and international distributors serving multiple industrial sectors.

Total raised

$3M

Funding rounds

1

Latest round

Series A

Latest activity

Jan 2014