EnOcean Completes $11.5 Million Financing For Energy Harvesting
EnOcean GmbH has announced successful completion of a new round of financing. The company will devote the boost of &Euro;8 million to leveraging the development of energy-autonomous wireless technology and expanding its international market presence. Two new capital providers – SET Venture Partners and the Kathrein group – join existing investors to finance future growth.
"This new financing backs up our strong growth curve. The extra funds give us ample financial means to intensify our sales activities in Europe, North America and Asia. Plus, we’re of course investing in further development of our highly promising platform technology", said EnOcean’s CFO Uwe Thumm.
In this fourth round of financing since EnOcean’s inception existing investors – Atmos, BayTech Venture Capital, Emerald Technology Ventures, Siemens Technology Accelerator, Siemens Venture Capital, Wellington Partners – are joined by two new investors, Amsterdam-based SET Venture Partners and the German Kathrein group.
"EnOcean is a perfect addition to our investment portfolio. It reinforces our strategy of supporting enterprises that market sustainable technologies", explained Wouter Jonk, Managing Director of SET Venture Partners. "We are pleased to be able to join EnOcean in promoting worldwide establishment and standardization of their self-powered wireless technology."
SET Venture Partners already acquired a share in EnOcean earlier in the year (from 3i through Cipio Partners), and has now added to it. Wouter Jonk also joined as a member the Board of EnOcean.
With Kathrein a further industrial enterprise with international operations takes a share in EnOcean. The company, with its long tradition, is described as the world’s oldest and largest antenna producer, and a major force in high-tech communication technology. The Kathrein group employs some 6100 people worldwide, at 14 manufacturing sites and in 58 affiliates and holdings.
"EnOcean’s extraordinary success has shown us the unusual promise of its energy-autonomous wireless technology and that it is way ahead of other wireless technologies in the performance it offers. That made us decide to participate in this round of financing, and support EnOcean’s impressive growth", said Prof. Anton Kathrein.
