The Italy-based startup developing power electronics, wireless charging and data over power technology and products, announced a $10 million Series A funding. The investment round was backed by Rinkelberg Capital, the founders of TomTom and funds managed by an unnamed investment bank in Milan. It brings the total raised by Eggtronic since 2012 to $17 million.
Eggtronic says the capital will be used to develop a new integrated circuits division at the Eggtronic research laboratories as it continues along its roadmap of more efficient power transformers. Eventually, the company hopes its “capacitive” wireless charging technology will be adopted universally as a new industry standard.
In addition, the company has been able to demonstrate high power use-cases, and data over power that it claims can hit the same speed of a USB 3 cable but wirelessly.
“This technology has already some industrial customers, the next steps are the creation of ICs and the first retails products based on these ICs, then we can work on the adoption by a leading company,” adds the Eggtronic founder.
In the interim, the company is applying some of the same capacitive technology to power conversion for existing applications, such as Eggtronic’s laptop chargers and power bricks.
“We filed several patents in this area, starting from our capacitive power converters able to remove the transformer, increasing efficiency and reducing size,” says Spinella. “Today we have several architectures that we invented, able to cover most of the typical applications, from some tens of Watts to kW, with our own resonant architectures (capacitive, inductive, and hybrid), with several proprietary control algorithms, our own ‘Power Factor Correction’ circuits, several proprietary ways to shrink the size of the components, to reduce the number of stages in series and so on”.
Meanwhile, Spinella is being advised by consumer electronics veteran Mark Gretton, who is the former CTO of TomTom and helped pioneer mobile computing at Psion. He was introduced to Eggtronic via Rinkelberg Capital, before deciding to invest and join as an advisor.
“I decided to get involved because firstly I liked and respected Igor, but also because unlike so many technology companies that come my way, the Eggtronic proposition was refreshingly simple,” Gretton tells me. “We are going to make something that is an integral part of everyone’s lives better through applying technology. There was no change of behaviour, complex business model, or solution to a problem nobody knew they had. Just designing better power electronics for everyone”.