Eggtronic Secures $12 Million Series B Funding
Latest investment round will accelerate business growth and speed development of innovative and sustainable power conversion technologies
MODENA, ITALY, December 16, 2022 /EINPresswire.com/ — Eggtronic has announced the raising of $12 million at first close of its $20 million Series B investment round. The company has successfully completed the in-house development of mixed-signal controller integrated circuits that allow Eggtronic to play a disruptive role within the semiconductor industry, bringing deep-tech innovations to power management applications. The round will support mass production of Eggtronic power conversion and wireless power transfer solutions addressing the needs for sustainability and high power density from some of the world’s most iconic companies. The company will also further expand its world-class team.
Taking to $30 million the funding Eggtronic has received since it was founded, the latest investment comprises $5 million from Rinkelberg Capital, the London-based investment office of the founders of TomTom who has already invested $6M in 2019 Round A, $5 million from CDP Venture Capital Sgr through its Evolution Fund, more than $2 million from Doorway Srl Società Benefit, one of the main Italian venture capital operators and a leader in online investment in Italian and international startups and scaleups.
“Eggtronic’s patented semiconductors and architectures are re-defining the future of efficient, sustainable and cost-effective wired and wireless power converters,” says company founder and CEO, Igor Spinella. “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 has offices in Italy, in the USA, and in Asia, revolutionising the world of power electronics since 2012. The company has over 320 patents for advanced power controllers and innovative AC/DC and wireless power architectures that dramatically reduce energy use while minimising product size and 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.
Marc Slendebroek, CEO of Rinkelberg Capital comments: “Our goal is to help passionate and driven entrepreneurs and we have supported and led the funding rounds for Eggtronic since the very start. We are excited to continue to support the company as it scales its global business by providing solutions that help strategic customers address the growing global demand for energy in the most sustainable way.”
Mario Scuderi, Senior Partner and Co-Head of the Evolution Fund of CDP Venture Capital Sgr states “Eggtronic represents Italian excellence with global ambitions in a areas that are 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”.
Antonella Grassigli, CEO of Doorway Srl, adds: “Eggtronic is the perfect example of the innovative, technologically-led and sustainability-focused businesses that we seek to present to our community of informed and challenging investors.”
For CDP Venture Capital Sgr the operation was followed by Mario Scuderi and Rebecca D’Aloja, respectively Head of and Analyst of Evolution Fund.
Eggtronic was advised by European law firm Fieldfisher and by the accounting firm Studio LUCE during the Series B investment round while law firms Portolano (Milan) and Rutgers & Posch (Amsterdam) supported Rinkelberg Capital. Ernst & Young acted as advisors to CDP Venture Capital Sgr.
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About Eggtronic:
Eggtronic has been revolutionising the world of power converters and wireless power since 2012. Based in San Francisco (US), Modena (Italy), Taipei (Taiwan), and Guangzhou (China), Eggtronic develops cutting-edge, environmentally friendly and energy-efficient technologies, with more than 320 international patents granted worldwide. 2020 saw the launch of the new ICs division that has been producing its first microchips since 2021. Adding to the increasing demand for sustainable innovations and solutions, Eggtronic invents and manufactures revolutionary power technologies to make modern life easier, more efficient and more connected.
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About Rinkelberg:
Rinkelberg Capital Ltd. is the investment office of the founders of TomTom. Their tech roots and entrepreneurial background have helped set a course for a variety of Rinkelberg’s investment activities. The team is based in London and, in addition to growth capital equity investments, focuses on real estate and credit solutions.
About CDP Venture Capital SGR:
CDP Venture Capital is an asset management company (70% owned by CDP Equity and 30% owned by Invitalia) with 2 billion euro of assets under management. It aims to make Venture Capital a strategic pillar to Italy’s economic development and innovation, creating the conditions for a comprehensive and sustainable growth of the Venture Capital ecosystem. It operates through a series of funds that aim to support start-ups in all their life cycle stages, making both direct and indirect investments.
About Doorway:
Doorway S.r.l. Società Benefit is the fintech platform, enabled by Consob, leader in online investment in innovative startups and SMEs for the professional (private banker, family office, financial advisor), qualified (business angel) and corporate investor market. It offers to its investor community a highly selected number of Italian and international startups and scaleups, which demonstrate high scalability and a solid business model. Its original due diligence method, carried out with internal staff and external professionals, focuses on team, business model, legal compliance, exit strategy and an accurate sustainability report, aimed at giving a measurable assessment of the social and environmental impact of startup proposals. Doorway collaborates with financial advisors specialized in listing on the European Growth Market and with VC to encourage the rapid development of the startups invested and accelerate the creation for its investors of interesting exit or monetization opportunities.
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