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VanDyne needs another $5 million to complete its $15 million series C funding round. The Woodward Inc. spinoff makes a truck engine management system called the SuperTurbo, which improves fuel economy and reduces soot emissions.
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Toronto-based Northwater Capital, which has offices in Chicago, increased its investment because VanDyne has made “very good progress” in product development, VanDyne COO Mark Herbst said.
“Also, we’ve seen significant increase in the industry for adopting the SuperTurbo,” he said.
He declined to share the amount of equity privately held Northwater Capital will receive from its investment.
Herbst believes the company will raise the remaining $5 million “in the next couple months.” Afterward, it will raise additional money in a final push toward development and commercialization of the SuperTurbo.
VanDyne also said Wednesday that it received Frost & Sullivan’s 2012 North American Automotive Powertrain New Product Innovation Award. Frost & Sullivan recognizes companies in a variety of regional and global markets for leadership, technological innovation, customer service and strategic product development.