Hello Kite Magnetics- The next-gen electric motor
We’re excited to announce our investment in Kite Magnetics - Enabling electric aircraft to fly further, carry more and emit less.
Founded by first-time founder Dr. Richard Parson Kite Magnetics is developing a new generation of smaller, lighter, and more efficient electric motors specifically for electric aircraft.
Since launching in June, Kite Magnetics has secured $1.85M in funding from yours truly, Investible Climate Tech Fund, Possible Ventures, Boson Ventures, and Breakthrough Victoria to accelerate the arrival of new-generation aviation.
Electric aircrafts still can’t fly far enough
The global aviation industry contributes about 3 times more to climate change than all of Australia’s emissions combined. It is predicted that by 2030 almost half of all flights could be on electric aircraft with roughly 45% of global flights being under 800 km.
Currently, the biggest limitation of the adoption of electric aircraft is that they do not have enough range compared to conventional planes.
Today’s electric aircraft could greatly increase their range using a lighter and more efficient propulsion system, even with todays battery technology.
In addition, their motors are suitable for both electric aviation and hydrogen fuel cells.
The world’s highest-performing electric motor
Solving the limitations of the electric aircraft, Kite Magnetics has created the next generation of electric motors using a new magnetic material developed at Monash University by Dr Parsons and Professor Kiyonyoir Suzuki, called Aeroperm.
Aeroperm’s amazing nanocrystalline microstructure has an energy loss 10x smaller than the magnetic materials used in electric motors today and will allow up to 100km of additional flight range for electric aircraft with today's batteries.
“The idea is that with our tech, electric aircraft can fly further and carry more.”Dr. Richard Parson, Founder & CEO of Kite Magnetics.
This step-change in operating efficiency enables Kite Magnetics to build the world’s highest-performance electric motors and generators.
Although we were impressed by the technology Richard created, we were more impressed by how easily Richard shape-shifted from a researcher to a founder.
After much time spent as a researcher at Monash University in the field of advanced magnetic materials for high-performance electric motors, Richard could clearly identify the mass potential of Aeroperm when he co-invented it with his advisor Professor Kiyonori Suzuki.
As we continued getting to know Richard, we could see his commercial side coming out, and his determination shining through.
“For me, personally, I could see that if this technology was going to get out of the lab and have a real impact on the world and make a difference in aviation, that was going to have to be driven by myself.” - Dr. Richard Parson, Founder & CEO of Kite Magnetics.
Crossing the chasm from researcher to founder is not the easiest transition and comes with a steep learning curve.
Richard's ability to shape-shift into his new role has displayed open-mindedness to learn new skills, coachability, and sheer determination to make sure the world knows Kite Magnetics created the highest-performing electrical motor.
Debarbonising the global aviation industry
Kite Magnetics is on a mission to help decarbonise the global aviation industry.
Their electric motors will enable electric aircraft of all sizes to fly further and carry more, reducing the costs to operate them and enabling sustainably powered aircraft to fly more routes sooner.
“Our goal is to produce the enabling technologies for electric aviation so that emissions-free flight becomes possible in years, not decades. When the day comes that you can take off in an electric plane and see our motors hanging below the wing we will have achieved our mission.” Dr. Richard Parson, Founder & CEO of Kite Magnetics.
Beyond aviation, there is a growing demand for electric motors in the high-performance EV, the maritime industry, consumer goods, and even the space launch markets which Richard and his team have their eye on.
TLDR, tell me in a meme:
Stay tuned for our following investment announcement.
If you’re a first-time founder looking to raise the first round - we want to hear from you! Apply today and we’ll aim to get back to you with real feedback from a real human.
💡 FUN FACT: Our speed from term sheet to money in the bank 💰 only takes 10 days!