London-based Drayson Technologies has raised £8 million in Series B funding to further develop its patented Freevolt technology, a move which could see the technology come to use in smart city, digital health and IoT applications.
The start-up, the brainchild of former UK government science minister Lord Paul Drayson, is now looking to commercialise its Freevolt technology, which harvests energy from radio frequency (RF) signals in order to power low-consumption devices.
This naturally makes the technology very attractive for IoT sensors – which generally require high-range and low-power, and Drayson has already entered this market with its own proof-of-concept air pollution sensor. FreeVolt is also being used in other low-energy electrical devices, such as Bluetooth beacons and wearables.
This new round of funding, which was led by existing investors Lansdowne Partners but also included Woodford Investment Management and other unidentified investors, will help Drayson further develop Freevolt and bring more applications to market.
The firm will look to license the technology, as well as develop its own products in-house. In particular, it is believed that the firm will use this latest round to invest in smart city, digital health and IoT applications.
To date, Drayson Technologies has raised over £26 million.
Freevolt and the third wave of internet connectivity
Lord (Paul) Drayson, Chairman & CEO, Drayson Technologies, said in a statement:
“Since the launch of our Freevolt technology last year we have seen tremendous interest in its application to power the growing numbers of connected devices being deployed as the third wave of internet connectivity gathers momentum. This investment will enable us to capitalise on this opportunity and position the company to be at the forefront of powering the Internet of Things.”
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