PsiKick, the Internet of Things (IoT) systems company, has announced that it has secured $16.5 million (£11.1 million) in Series B funding.
The financing is being led by Osage University Partners, who are joined by New Enterprise Associates, the University of Michigan Investment in New Technologies Fund and individual investors. This brings the company’s total funding to more than US$22 million (£14.9 million) so far.
The start-up has the potential to revolutionise the IoT landscape by eliminating the reliance on batteries which has – so far – held the industry back. By creating self-powered systems using a variety of technological approaches, including energy harvesting nodes and ultra-low power radios, PsiKick could help solve the power problem sure to accompany the predicted IoT explosion.
Brendan Richardson, CEO of PsiKick, believes that the latest investment round will enable the business to build on its existing work providing the infrastructure for self-powered wireless devices.
“We solved some pretty big challenges that have limited the reach of IoT devices and systems,” he said. “Those building blocks include the world’s most efficient wireless connectivity, robust node computation and energy harvesting to enable a highly scalable, battery-less IoT. This Series B financing will allow us to continue hiring leading IoT engineering talent and developing completely batteryless systems based on these fundamental technologies. We’re solving high impact problems that can’t be solved today.”
PsiKick is not the only company looking to develop self-powered IoT solutions. Drayson Technologies, a UK-based start-up, is also looking at ways to self-power the Internet of Things by harvesting radio frequency energy from Wi-Fi, GPS and other wireless communications.
According to a recent report commissioned by the UK government titled, “The Internet of Things: making the most of the Second Digital Revolution,” the UK will require £27 billion of infrastructure investment in order to cope with increases in energy demand by 2050. Self-powered devices, therefore, could greatly reduce the strain on the country’s resources.
“The devices that enable integrated smart home services, such as heating, lighting, and electric vehicles will require energy to operate,” the report reads. “Although the power drain of an individual sensor is likely to be minimal, in aggregate the Internet of Things may significantly increase electricity demand.”