Inventiva has funded over 50 startups, leading to over 60 US patent filings
Power Electronics and Wireless Charging startup Eggtronic raises $10 million Series A
Even though most of the attention paid to power electronics is through motorized wheelchairs, they’re also being incorporated into the new breed of smart watches, headphones, eyeglasses, and other devices. Likewise, wireless charging is being used more widely to attach things like your phone to things like an airbag, which is safer and simpler than using wires.
Not surprisingly, Power Electronics, a startup founded by experts in implantable stimulators and neuroprosthetics, wants to build bigger things than that: wearable computing.
Of course, the prospect of replacing our tiny mobile phones (or MacBooks) with larger units that we wear has excited me since my childhood. But that’s 20 years ago. I’ve long since given up hope that a gadget like this would ever be available—but I’ve never given up hope that a company like Eggtronic might one day show up.
Today, Eggtronic just raised a $10 million Series A round led by Inventiva, the firm that has funded over 50 companies to date. Inventiva’s founder and CEO, Elias Vamvakas, set out to build a single-business concept that was, in a fundamental way, “disruptive,” and secured his goal by backing Eggtronic: “I was able to see firsthand the value that Elias created. There’s no doubt that his company will stand the test of time.”
Eggtronic develops power-conversion systems using diodes, integrated optoelectronics, integrated power management, transistors, and LEDs. With its second-generation inductive charging system, Eggtronic demonstrated its ability to reduce charging time to zero, even for laptop batteries, compared to the two- to five-minute time period required for the commercial charging systems in place today.
A research report by Frost & Sullivan, put the potential for Eggtronic in the power-conversion arena at $3.5 billion globally by 2022.
Still, the company has much to do before it’s really ready to succeed in consumer markets, including rapid prototype iterations, a low burn rate, and—crucially—fantastic customer satisfaction. The company’s customers in the power-conversion business include the likes of Nasa, Procter & Gamble, Amazon, and GE.
Frost & Sullivan is confident that Eggtronic will ultimately achieve the necessary scale and momentum. “The consensus was that the Eggtronic team was ‘late, early, ambitious,’ but that the team was betting big on its product,” it states. “Vamvakas’ ability to reach the right market, including the power-conversion market, was a critical factor.”
Energy technology firm, XENOPEC Consortium
But this isn’t the only recent news on Eggtronic, as you might be surprised to learn. The company has already begun the recruitment process to establish a manufacturing facility in the US, as it continues to seek a place in the global smart wearables and electric vehicles markets. (Cisco CEO Chuck Robbins has expressed interest in making Eggtronic parts for Cisco’s smart wearables.)
Of course, in the end, this boils down to one thing: getting people to buy the product. And on that front, Eggtronic is already making a name for itself, based on what customers are saying. The company is currently rolling out demos at investor conferences in the US and Europe, with plans to bring the first units to market later this year.