Metaboards secures 5 million funding
Oxford-based metamaterials start-up Metaboards has today announced an investment of $5 million led by science equity investor, Oxford Sciences Innovation (OSI) with additional funds from investors RT Capital Management Inc and Woodford Investment Management Ltd.
The financing will be used to fund Metaboards’ continued expansion and to bring to market its patented, state-of-the-art wireless charging technology.
Metaboards was founded in 2016 by researchers from Oxford University focusing on Metamaterials, currently one of the most dynamic scientific research areas. Metamaterials are made up of compound materials such as plastics or metals that are arranged in geometric structures and have properties that are not found in nature.
Metaboards enables wireless charging through any non-metal surface without the need for alignment or multiple power inputs, creating more flexible and functional wireless power solutions. In the past wireless charging has been focused on smartphones. Metaboards’ technology makes it possible to charge tablets, games consoles and controllers, computers and any other non-metal electronic device at the same time and on the same surface. According to a report from Grand View Research, the global wireless charging market is predicted to be worth $22.25 billion by 2022.
“With the global wireless charging market set to surge over the next few years, our investment will help Metaboards bring their technology to market, and accelerate the company’s pace of innovation,” says Will Goodlad, Principal at OSI.
Metaboards CEO Nedko Ivanov states: “This investment will help us to grow the company and extend our capabilities across all wireless power technology platforms to ensure we offer universal capabilities. We already have interest from companies looking into licensing the technology in the next six to 12 months.”
Ivanov joined the company in January 2018 having previously been the CEO of Redux, where he achieved a successful exit for the company in August 2017. Ivanov’s appointment follows the hiring of Pete Hutton as Chairman, who was previously president of product groups at ARM.
Based in Oxford, UK, Metaboards is a pioneer in metamaterials – the science of creating materials in certain shapes, sizes or orientations to give it unique properties that would not be found in nature – in this case the ability to wirelessly charge devices. The company is creating new and highly flexible ways to embed wireless charging into surfaces so that multiple items can be charged simultaneously without the need for close alignment or multiple power supplies. This transforms the functionality of wireless charging.
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