Pinnacle Engines closes Series C round

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car_engineVenture capital-backed engine design company Pinnacle Engines has closed its Series C round, which brought its fundraising total to more than $30m.

Mitsui Global Investment, VenturEast, Bessemer Venture Partners, New Enterprise Associates and Infield Capital participated in the Series C round, said the company.

Pinnacle Engines also appointed five new members to its Asian business advisory board.

Pinnacle Engines chairman and CEO Ron Hoge said, “The combined power of this additional capital and new advisory board gives us the resources and expertise to innovate rapidly in emerging markets. These advisors bring deep industry knowledge and relationships to our company.

“With increasing demand around the world for sustainable automotive solutions, they will greatly assist Pinnacle Engines in introducing its engine technology into multiple Asian market segments.”

Other companies backed by Bessemer include legal industry cloud-based management platform Clio, which raised $20m in a Series C led by the firm in March.

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