Funding news · Sep 17, 2026
CorePower Magnetics Raises $10.6M Series A Led by Material Impact
CorePower Magnetics Secures $10.6M Series A
CorePower Magnetics, a Pittsburgh-based developer and manufacturer of advanced magnetic components, has raised a $10.6 million Series A round. The funding was led by Material Impact, with participation from Engine Ventures, Evergreen Climate Innovations, Baruch Future Ventures, and the Carnegie Mellon Catalyst Fund.
What CorePower Magnetics Does
CorePower Magnetics develops and manufactures advanced magnetic components — inductors, transformers, and motors — using proprietary nanocrystalline and amorphous alloys. These components serve power electronics across several demanding markets, including AI infrastructure, data centers, grid modernization, and industrial electrification.
Founded in 2020 out of Carnegie Mellon University research, the company is headquartered at Pittsburgh's Energy Innovation Center. It operates across the entire value chain, from raw alloy production to finished component design, with engineering and manufacturing performed in-house in the United States.
Product Portfolio
The company's offerings span both standard and custom solutions:
- CPMLMAX inductors — standard components sold through DigiKey
- Custom components — engineered for specific customer requirements
- Rare-earth-free motors — designed to reduce reliance on constrained rare-earth materials
All products are manufactured at the company's Pittsburgh facility.
Funding Details
| Field | Detail |
|---|---|
| Round Type | Series A |
| Amount | $10,600,000 USD |
| Date | September 17, 2026 |
| Lead Investor | Material Impact |
| Participating Investors | Engine Ventures, Evergreen Climate Innovations, Baruch Future Ventures, Carnegie Mellon Catalyst Fund |
Why This Matters for the Market
The Series A positions CorePower Magnetics to scale its U.S.-based manufacturing of magnetic components at a time when demand for power electronics is rising across AI infrastructure, data centers, and grid modernization. By controlling the full value chain — from alloy production to finished components — the company differentiates itself from firms that rely on external suppliers for critical materials.
Its use of nanocrystalline and amorphous alloys, combined with rare-earth-free motor designs, addresses both performance and supply-chain concerns that matter to customers in electrification and industrial applications.
Acquisition Angle
For acquirers and strategic investors, CorePower Magnetics represents a vertically integrated domestic manufacturer in a component category that sits upstream of several high-growth markets. The company's dual-channel approach — standard parts through distribution and custom engineering for larger customers — provides multiple entry points for revenue growth. Its ties to Carnegie Mellon research and Pittsburgh's energy innovation ecosystem add technical depth and a pipeline of talent.
As power electronics demand continues to expand, component suppliers with in-house alloy capabilities and U.S. manufacturing footprints may become attractive acquisition targets for larger industrial, electrical equipment, or semiconductor-adjacent players looking to secure supply and design expertise.
About the Investors
Material Impact led the round, joined by Engine Ventures, Evergreen Climate Innovations, Baruch Future Ventures, and the Carnegie Mellon Catalyst Fund. The mix of deep-tech, climate, and university-affiliated investors reflects the company's position at the intersection of advanced materials, energy, and industrial technology.