California Linear Devices, a Carlsbad-based designer of a new type of motor for industrial operations, has raised about $10.5 million in its first round of funding.
The backing came from Hibiscus Investments, MidMark Investments, and Technology Gateway Partnership. The company plans to use the money for research, development and sales and marketing.
California Linear Devices designs so-called servo motors that are based on one moving part and a bearing system. The company contends the device is more reliable and cost-effective than motors that rely on belts, pulleys, and gearboxes.
