Niron Magnetics

A Bengaluru startup called Vimag Labs just secured its fifth Indian patent for an electric motor that runs without any rare-earth magnets, using software and power electronics to generate its magnetic field instead.

It’s a small, $5-million company taking a swing at a problem that has stumped Tesla, GM, and every major automaker for years: how to build a competitive EV motor that doesn’t depend on China.

GM Ventures and Stellantis Ventures have joined a growing list of investors that have recently raised $33 million in additional funding for Niron Magnetics – a company developing proprietary Clean Earth Magnets based on Iron Nitride that function without rare earths or other critical materials used in today’s EVs.