Led · Series A · Jan 2021

Founded in 2015, Magnax develops patented yokeless axial flux electric motors with a pancake-shaped, space-efficient topology that the company says delivers higher power and torque density and improved efficiency versus traditional radial flux motors. It commercialises its technology through separate spin-offs—Traxial for ground e-mobility and Axyal for aerospace propulsion—and targets applications including electric vehicles, industrial drives, robotics, and aerospace. The company has about 30 employees in Belgium and has previously raised €16 million in 2020 and €13 million in 2022. With the recent €35.5 million capital increase and Foxconn-linked industrial backing, Magnax plans to industrialise its motor portfolio and enable high-volume production in China while retaining R&D and headquarters in Belgium. Management changes include a new CEO from China and management co-investment as part of the transaction.