SPARK managed funds invest in £5m Series B funding of Perpetuum
Perpetuum completes £5 million B-round
October 2007: Perpetuum, the leading manufacturer of vibration energy harvesting devices, has completed a £5 million funding round backed by Environmental Technologies Fund (ETF), SPARK Ventures managed funds, and Top Technology. The investment is to be used to support Perpetuum in commercialising its vibration energy-harvesting generator.
Perpetuum’s micro power generator is the world’s first truly practical vibration-harvesting device capable of generating enough power to enable wireless transmission of large amounts of data. Energy harvesting is considered a key enabler for wireless sensor networks, which are becoming increasingly important in a variety of areas including industrial monitoring and control, rail transport, and shipping.
Perpetuum’s novel energy source generates electric current from the energy of low levels of vibrations as they are present, for example, on standard electric motors common at industrial sites. Harvesting power locally makes the sensor nodes independent of the use of batteries or mains power and drastically reduces installation and maintenance cost.
The current round of investment has been led by ETF. It will be the second investment from ETF’s new fund, which was launched last year with a target size of 150 million euro. Both SPARK through the Quester funds and Top Technology were previous shareholders of Perpetuum and have taken up pre-emption rights.
Mike McTighe, Chairman of Perpetuum said, ‘Our generator is already being built into sensor node designs by some of the world’s leading industrial condition monitoring companies. There is no comparable device on the market today and we have a great opportunity to position Perpetuum as the global leader in this fast-growing market. We are very pleased to have ETF as an investor, and to welcome Henrik Olsen of ETF to the board.’
Henrik Olsen, a founding Partner of ETF added, ‘Perpetuum has developed a novel alternative energy source that harvests energy otherwise wasted and renders batteries unnecessary. By enabling wireless sensing it will significantly improve industrial efficiency. Perpetuum is a great example of the type of company we would like to support – it has a market-ready, universally applicable product that can make a real difference in a rapidly growing market. It has an excellent management team, enjoys great customer interest and is poised for significant growth.’
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About Perpetuum
Perpetuum leads the world in vibration energy-harvesting. It developed the world’s first truly practical vibration harvesting microgenerator capable of generating enough power to enable the reliable transmission of large amounts of data.
The company has established itself as the global leader, specialising in the production of highly efficient microgenerators that can power wireless systems to optimise the operation and availability of plant and equipment, and improve cost-efficiency of maintenance work.
About ETF - Environmental Technologies Fund
Environmental Technologies Fund L.P. is a venture capital fund investing growth capital in companies focusing on clean technologies and services. ETF invests on a pan-European basis with emphasis on the UK, the Nordic Region, Germany, the Benelux countries and Switzerland. ETF led this transaction which is the fund’s second investment. ETF is supported by the European Communities Growth and Employment Initiative, MAP – ETF Start-UP Facility. For further information see
www.etf.eu.com
About SPARK Ventures
SPARK Ventures is the leading quoted early-stage venture capital company in Europe. It manages £240 million on behalf of major institutional investors, leading UK universities, and three quoted venture capital trusts.
SPARK invests in entrepreneurs to create dynamic businesses in the technology, media, telecoms and healthcare & life sciences sectors. As well as capital, it brings a wealth of experience of developing high growth companies from early stage through to IPO or trade sale, adding value to its investments through active support and strategic direction.
SPARK’s focus is on building great companies from small beginnings: its experience blends ambition with the strategic, financial and commercial skills that enable it to maximise returns, both for investors and for portfolio companies.
SPARK Ventures was formerly known as NewMedia SPARK. The Company announced today that it re-launched as SPARK Ventures in order to better reflect the current and future direction of the business and its expanded investment focus across a wider range of sectors including technology, digital media and life sciences.
www.sparkventures.com
About Top Technology
Top Technology Ventures is a UK-based venture capital company which specialises in providing equity funding for early stage technology based growth companies. In June 2004 Top Technology Ventures became part of IP Group plc (www.ip2ipo.com).