University:University of Minnesota
Startup Officer: Russ Straate
- Chemicals and Engineering
Innotronics LLC is focused on development and sales of position sensors based on a novel magnetic non-contacting measurement technology. The patent pending measurement technology was invented at the University of Minnesota, and some of the original inventors are part of the co-founding team.
Innotronics plans to provide position sensors for hydraulic and pneumatic actuators in mobile and industrial applications. Specifically, the company is focused on selling to OEMs in the agricultural vehicles, construction vehicles and material handling industrial systems markets. Reasons for initially focusing on these market segments include their lower price sensitivity compared to the automotive market, their growing need for position measurement in order to enable “smart actuators,” the significant experience of the company’s leadership in these industries and the proximity to market leading OEMs located in the US Midwest. The annual sales of hydraulic and pneumatic actuators for these market segments is conservatively estimated to be at least $2.65 billion. The company estimates generating a minimum sales revenue of at least $5.3 million per year by 2021.
Innotronics has partnered with industry leading OEMs in each of the three product segments of mobile off-road vehicles, industrial pneumatic actuators and rotary hydraulic actuators, in order to customize and evaluate performance of their position measurement technology. The value proposition of their new sensor technology comes from its significantly lower price and significantly lower cost of installation. While the first prototype sensors have been fabricated in-house, future large scale manufacturing of the sensors will be outsourced to contract manufacturers.