Italy-based Eggtronic, a company that claims to be revolutionising the world of power converters and wireless power since 2012, announced that it has raised $12M (approximately €11.29M) at the first close of its $20M Series B round of funding. The company has now raised a total of $30M in funding since its inception.
The current investment comprises $5M from Rinkelberg Capital, the London-based investment office of the founders of TomTom, who also contributed $6M to the 2019 Series A round; $5M from CDP Venture Capital Sgr through its Evolution Fund; and more than $2M from Doorway Srl Società Benefit, an Italian venture capital firm.
Mario Scuderi, Senior Partner of the Evolution Fund of CDP Venture Capital Sgr, says, “Eggtronic represents Italian excellence with global ambitions in an area that is now more strategic than ever, such as the semiconductor and power management industries. Moreover, the company has in its pipeline potentially high-impact technology on wireless charging, which we are following with great interest since it can be a huge change to how we charge devices.”
Eggtronic says the funds will enable the company to mass manufacture wireless power transfer and power conversion products that fulfil the demands for sustainability and high power density from some of the most recognisable brands in the world. Additionally, the company will also grow its workforce.
Eggtronic founder and CEO, Igor Spinella, says, “Eggtronic’s patented semiconductors and architectures are redefining the future of efficient, sustainable and cost-effective wired and wireless power converters. Our technologies are proven in the field with millions of units shipped to date and we can now build on that success thanks to the latest investment. The new funds will help us to propel our scale-up, doubling the size of our global team, accelerating our semiconductor development roadmap, and expanding research and engineering resources.”
Eggtronic claims to develop ‘ground-breaking’ power innovations for daily customers as well as through B2B collaborations in the consumer, automotive, and industrial sectors to make contemporary living simpler, more productive, and more interconnected.
Its new ICs division was introduced in 2020, and starting in 2021, the company began manufacturing its first microchips. Currently, Eggtronic has offices in San Francisco (US), Modena (Italy), Taipei (Taiwan), and Guangzhou (China).
According to a statement from the firm, it has more than 320 patents for advanced power controllers and novel AC/DC and wireless power architectures that significantly cut energy usage while minimising product size and the overall bill of materials (BoM). These include technologies that open up new opportunities for high-power wireless transfer by providing the same efficiency as corded power adapters and offering total positional freedom.