September 24, 2020
A Sunnyvale startup with technology it says can be used to replace all the electric motors in the world scored $33 million in new funding on Thursday from Amazon.com Inc., Nest founder Tony Fadell, BMW and others.
"Half of the electricity in the entire world, worth over a trillion dollars a year, is consumed today by electric motors," Ryan Morris, CEO of Turntide Technologies Inc. "They are in every fan, pump, refrigeration, electric vehicles and just about everything that moves in civilization. What's incredible is that 98% of them today are based on an 1888 technology invented by Nikola Tesla called an AC induction motor."
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“We need a user-friendly — no, a ‘user-delightful’ — tool to bring digital asset security to the rest of us, not just the geeks,” said Fadell.