Viryd Technologies Raises $5M

Cedar Park-based Viryd Technologies, a developer of wind turbine technology, announced this morning that it has raised $5M in an investment round. The firm said the round came from Ningbo Shentong Auto Decorations Ltd., along with other existing and new investors. As part of the financing, Shentong Group will add a representative to the firm's board of directors. Viryd also said that it intends to form a joint venture with the Shentong Group, to manufacture wind turbine for world markets, and specifically for emerging opportunities in China. Viryd is a spinout of Fallbrook Technologies, a developer of continuous variable planetary transmissions. More information »