Deep Tech

Light Ray Ventures Invests in Niron Magnetics' $25 Million Funding Round

February 29, 2024

Light Ray Ventures has participatedin a $25 million strategic funding round for Niron Magnetics. This investment,led by Samsung Ventures and including Allison Transmission and Magna, underscores astrong commitment to advancing rare earth-free magnet solutions essential forthe next generation of consumer electronics, transportation, and beyond. LightRay Ventures' participation reflects its focus on transformative technologiesthat meet the pressing needs of sustainability and efficiency.

The partnership between Light RayVentures and Niron Magnetics signifies a shared vision for materialtechnology's role in fostering sustainable industrial practices. It's a stepforward in promoting alternatives that can lead to a greener, more sustainablefuture

Andy Blackburn, Executive VP of Niron Magnetics, commented on the collaboration, "Light Ray Ventures has demonstrated a profound understanding of the magnet market and the critical importance of rare earth element replacement for the electric vehicle revolution. Their insight and support are invaluable as we work towards enabling a sustainable and efficient future."

Andy Blackburn

Executive VP

About Niron Magnetics

Niron Magnetics, known for its pioneering Clean Earth Magnet® technology, aims to revolutionize the industry with its iron nitride-based magnets. This funding will bolster Niron's efforts to scale up production and further research and development, aligning with Light Ray Ventures' mission to support innovation that leads to real-world impact