Earlier this month, LC Drives, a recent breakout company from Clarkson’s Shipley Center for Innovation, won the Venture Capital Deal of the Year from Upstate Capital. The Association hosted its 4th annual awards celebration to honor the investment ecosystem across Upstate New York. The event highlights the most interesting deals and most active dealmakers across the state in seed, venture, private equity, and corporate finance.
“LC Drives produces liquid-cooled motors and generators in Potsdam, NY. This is the first breakout company from the Shipley Center for Innovation at Clarkson University. After 7 years, LC Drives secured a $15M Series A investment from Koch Engineered Solutions earlier this year. This is one of the largest Series A venture rounds from 2019, and the first big venture round on record in the North Country since Upstate Capital has been tracking deal activity. This is a big win for Potsdam, the North Country, and the whole Upstate region,” Noa Simons, Executive Director of Upstate Capital said.
These awards are based on several factors including size, location, and impact on the community. LC Drives is focused on the development, manufacturing, marketing and sales of industrial electric motors with industry-leading power density. The company's patented designs enable LC Drives to produces motors with half the weight and size of comparative products. The funding is being used to accelerate time-to-market activities including research and development, manufacturing, marketing and sales. LC Drives is planning to expand operations and add additional staff.