Noveon Magnetics Revenue, Valuation, Funding & Investors

Noveon Magnetics is valued at $300M as of May 2023, a 30.0x multiple on its last reported $10M revenue.

Last Noveon Magnetics valuation

$300M

Series B · May 2023

Last Noveon Magnetics funding round

$215M

Series C · Jan 2026

Noveon Magnetics revenue

$10M

Series B · May 2023

Key investors in Noveon Magnetics

  • NGP Energy Capital Management
  • Aventurine Partners
  • One Investment Management

Noveon Magnetics Overview

About Noveon Magnetics

Noveon Magnetics is an Austin, Texas-headquartered producer of recycled rare earth magnets founded in 2014. The company employs a proprietary Magnet-to-Magnet recycling process to recover neodymium-iron-boron materials from end-of-life products for high-performance motors operating at elevated temperatures. Noveon supplies custom magnets with verifiable property data to automotive, electronics, and renewable energy sectors, emphasizing supply chain security for critical minerals amid global shortages.


Founded

2014

HQ

United StatesAustin, TX

Website

noveon.co

Status

Privately held

Customer focus

B2B

Revenue model

Product sales

Revenue

$10M (May 2023)

Valuation

$300M (May 2023)

Noveon Magnetics Valuation

Noveon Magnetics is currently valued at $300M, based on its Series B in May 2023.

The $75M round was led by Aventurine Partners and NGP Energy Capital Management.

Noveon Magnetics valuation by funding round

Noveon Magnetics valuation by funding round
DateStageValuationRevenue Multiple
May 2023Series B$300M30.0x

Noveon Magnetics Revenue

Noveon Magnetics' latest recorded revenue is $10M, as of its Series B in May 2023. At a $300M valuation, that implies a 30.0x revenue multiple.

Noveon Magnetics revenue by funding round

Noveon Magnetics revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
May 2023$10M$300M30.0xSeries B

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Noveon Magnetics Funding History

Noveon Magnetics has raised a total of $315M across 3 funding rounds, plus 1 secondary share sale.

Noveon Magnetics' first fundraising round was a $25M Series A in June 2016. The most recent completed round was a $215M Series C in January 2026.

Noveon Magnetics funding rounds

Noveon Magnetics funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Jan 2026Secondary---Noveon Magnetics, a San Marcos, Texas-based manufacturer of sintered rare earth permanent magnets, closed a $215 million Series C financing round on January 19, 2026, led by One Investment Management (OneIM), which contributed $200 million of the total. The capital is designated to significantly expand the company's domestic manufacturing capacity for rare earth magnets used across automotive, defense, AI, energy, and advanced manufacturing sectors. Noveon is positioned as the first company to reshore full-scale production of sintered rare earth magnets to the United States and aims to scale capacity beyond 2,000 tons per year with this investment. Over the prior year, Noveon demonstrated substantial commercial traction by securing multi-year supply agreements with industrial giants General Motors and ABB, establishing partnerships with Lynas and Solvay, and launching a closed-loop magnet recycling initiative with LG Electronics and Kangwon Energy. These strategic partnerships underscore market confidence in Noveon's operational execution and ability to deliver at scale while addressing supply chain resilience concerns for critical U.S. industries. Goldman Sachs served as the exclusive financial advisor to Noveon on this financing. The transaction included secondary sales by certain existing shareholders, providing liquidity to prior investors. With this capital infusion and strategic backing from OneIM, Noveon is positioned to accelerate its mission of establishing a fully domestic, vertically integrated rare earth magnet supply chain.
Jan 2026Series COne Investment Management (lead)$215M-Noveon Magnetics, a U.S.-based manufacturer of sintered rare earth permanent magnets in San Marcos, Texas, closed a $215 million Series C funding round on January 19, 2026, led by a $200 million investment from One Investment Management (OneIM). The financing supports expansion of domestic production capacity to meet demand in automotive, defense, AI, energy, and advanced manufacturing sectors, while facilitating secondary sales for existing shareholders. OneIM, founded in 2022 by Rajeev Misra, manages around $7-10 billion in assets and focuses on rare earth investments, appointing two board members as part of the deal. Noveon positions itself as the first to reshore full-scale sintered rare earth magnet production to the U.S., targeting capacity beyond 2,000 tons per year to serve commercial partners and reduce reliance on China, which controls over 90% of global production. The funding will upgrade manufacturing technology, secure raw materials, and scale output to multi-thousand tons annually for EVs, wind turbines, defense, and grid infrastructure. Goldman Sachs acted as exclusive financial advisor. CEO Scott Dunn highlighted the financing as key to scaling production and strengthening U.S. supply chain resiliency. Rajeev Misra emphasized Noveon's talent and execution to lead reshoring amid national priorities for supply chain security. The round aligns with record $630 million in U.S. rare mineral startup investments in 2025 and efforts like Vulcan Elements' funding.
May 2023Series BAventurine Partners (lead); NGP Energy Capital Management (lead)$75M$300MNoveon Magnetics is the only U.S.-based manufacturer of high-performance neodymium sustainable rare earth magnets, serving automotive, defense, energy production, medical, and consumer goods sectors. The company uses proprietary recycling technology to produce magnets from scrap, reducing reliance on China-dominated supply chains and enabling lower-cost, environmentally friendly production. In May 2023, Noveon closed a $75 million Series B funding round led by NGP Energy Capital Management and Aventurine Partners, with J.P. Morgan as placement agent, valuing the company at approximately $300 million. This round brought total equity funding to around $150 million by mid-2023, following prior rounds including a $25 million equity investment in 2015 and seed funding. The Series B proceeds supported facility expansion in San Marcos, Texas, and commercial partnerships to scale production toward 2,000 tons annually by 2024-2025. Financially, Noveon reported $10 million in revenue for 2023, with projections to reach $250 million by 2025, reflecting over 190% CAGR. At full scale, the company anticipates 40% EBITDA margins due to patented processes and operational efficiency. Noveon's competitive moat stems from its multi-year time-to-market advantage, U.S. manufacturing, and expert team with over a decade of collaboration in magnet technology. Subsequent developments include a $215 million Series C in January 2026 led by One Investment Management, pushing total funding past $400 million and adding board representatives for strategic growth beyond initial capacity targets.
Jun 2016Series A-$25M-Noveon Magnetics is a San Marcos, Texas-based manufacturer of sustainable high-performance neodymium rare earth magnets using recycled content and proprietary EcoFlux technology, reducing energy use and environmental impact compared to traditional mining. The company serves sectors including automotive, defense, energy, medical, consumer goods, electric vehicles, wind turbines, MRI machines, and robotics, positioning it as a key U.S. supplier amid demand for reshored critical materials. The Series B in May 2023 raised $75 million led by NGP Energy Capital Management and Aventurine Partners, with J.P. Morgan as placement agent, valuing the company at approximately $300 million. Proceeds funded manufacturing facility expansion from the 145,000-square-foot San Marcos site operational since 2020, targeting 2,000 tons annual production by 2024. James Wallis from NGP joined the board. A Series C round raised $215 million, anchored by $200 million from One Investment Management, including secondary liquidity for early investors, bringing cumulative funding to around $128.8 million prior to Series C. Funds support capacity growth beyond 2,000 tons per year to meet demand in EV motors, AI data storage, and advanced manufacturing. OneIM appointed two board members. Traction includes a robust sales pipeline and recognition as one of Fast Company’s Most Innovative Companies of 2023. Revenue noted as $10 million in 2023 with projections to $250 million by 2025. The rare earth magnet market grows at 8-10% annually through 2030, driven by electrification and supply chain security needs.

Who has invested in Noveon Magnetics?

3 investors have backed Noveon Magnetics across its funding rounds, including NGP Energy Capital Management, Aventurine Partners and One Investment Management.

Lead investors include One Investment Management, Aventurine Partners and NGP Energy Capital Management.


Noveon Magnetics Investors

Investors in Noveon Magnetics by funding rounds participated
InvestorHQRoundsRoleFirst check
NGP Energy Capital ManagementUnited StatesDallas, TX1LeadMay 2023

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Noveon Magnetics Competitors

Noveon Magnetics competitors include listed companies like Invercap, Friedman Indus, Les Eaux Minerales and Pensana, and private ones like Quilla Resources and Tsingshan Holding Group.

Public and private companies comparable to Noveon Magnetics
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
InvercapChileChilePublicly listed$1.9B$430M$300M-
Friedman IndusUnited StatesUnited StatesPublicly listed$647M$34M$300M-
Les Eaux MineralesMoroccoMoroccoPublicly listed$343M$61M$298M1.2x
PensanaUnited KingdomUnited KingdomPublicly listed-($11M)$304M-
Quilla ResourcesPeruLimaPrivate--$278M-
Tsingshan Holding GroupChinaWenzhouPrivate--$340M-

Noveon Magnetics Public Comps

Noveon Magnetics is still privately-owned, but its public comps include Invercap, Friedman Indus, Les Eaux Minerales, Pensana, Stalprodukt, Cobre, Politeknik, Metro Mining, Solstice Minerals and MGX Resources.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Invercap$1.9B$430M2.2x-9.7x-
Friedman Indus$647M$34M0.6x-11.5x-
Les Eaux Minerales$343M$61M1.3x1.2x7.3x6.5x
Pensana-($11M)--(26.8x)-
Stalprodukt$988M$32M0.2x-5.1x-
Cobre$6M($1M)50.4x-(289.0x)-
Politeknik$18M$101K16.3x-2903.7x-
Metro Mining$269M$114M1.2x1.1x2.8x6.8x

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Common questions about Noveon Magnetics

When was Noveon Magnetics founded?Noveon Magnetics was founded in 2014.
Where is Noveon Magnetics headquartered?Noveon Magnetics is headquartered in Austin, TX, United States.
Is Noveon Magnetics publicly listed?No, Noveon Magnetics is a private, VC-backed company.
What is Noveon Magnetics' valuation?Noveon Magnetics was last valued at $300M in its Series B in May 2023.
How much funding has Noveon Magnetics raised?Noveon Magnetics has raised $315M across 3 funding rounds.
What was Noveon Magnetics' last funding round?Noveon Magnetics' last funding round was a $215M Series C in January 2026, led by One Investment Management.
Who are Noveon Magnetics' investors?Noveon Magnetics' investors include NGP Energy Capital Management, One Investment Management and Aventurine Partners.
What is Noveon Magnetics' revenue?Noveon Magnetics' latest recorded revenue is $10M (May 2023).
What is Noveon Magnetics' revenue multiple?Noveon Magnetics' latest valuation implies a 30.0x revenue multiple ($300M valuation on $10M of revenue).
Which companies are comparable to Noveon Magnetics?Companies comparable to Noveon Magnetics include Invercap, Friedman Indus, Les Eaux Minerales, Pensana, Quilla Resources and Tsingshan Holding Group.

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