Tom Baruch family office invests in CorePower Magnetics’ $10.6m round

CorePower Magnetics has raised 10.6 million dollars in a round co-led by Engine Ventures and Material Impact, with Baruch Future Ventures, Evergreen Climate Innovations and the Carnegie Mellon Catalyst Fund participating. Total equity raised now stands at 13.6 million dollars, alongside roughly 27 million dollars of non-dilutive funding from ARPA-E, the Department of Energy and the Department of Defense. The Pittsburgh company was founded in 2020 and manufactures inductors, transformers and motors using proprietary nanocrystalline magnetic materials, components that sit at an unglamorous but binding point in the power chain for AI data centres, grid modernisation, EV charging and industrial electrification. It is vertically integrated from raw alloy to finished component, holds ISO 9001 certification and produces in the United States, which matters as magnetics supply has concentrated offshore. The company reports paid engagements with several Fortune 500 firms and multiple product lines moving toward volume production. Sam Kernion is chief executive and Paul Ohodnicki co-founder and chief technology officer. The capital will expand manufacturing capacity, accelerate hiring and scale commercialisation from the Energy Innovation Center in the Pittsburgh region.

About Baruch Future Ventures: The Tom Baruch family office

Baruch Future Ventures describes itself as a pioneering, climate-technology-focused family investment firm, and Tom Baruch’s own profile calls it his family office. It was founded in 2012 and is based in San Francisco. Baruch previously founded CMEA Capital, which he describes as the first venture fund to integrate corporate limited partners, set up in 1989 with New Enterprise Associates and 3M, and through which he managed 1.2 billion dollars across seven funds. The office invests across three themes, climate restoration, resource scarcity and sustainability, and states that it invests in people, business models and technology, in that order, backing entrepreneurs who think big and start small. Its stated strategy rests on investing at the nexus of sectors, evidence-based selection and early corporate engagement, with more than thirty years of climate investing behind it. The published portfolio runs to 58 companies and includes Fervo Energy, KoBold Metals, Relativity Space, Codexis, Checkerspot, Electra, Inventwood, LuxWall, Ohmium, Project Canary, Veir and CoreShell.

Picture Source: Unsplash+

Article Source: CorePower Magnetics [September 17, 2026]