Metaboards bags $5m boost for wireless charging innovation
Metaboards has secured $5 million investment to bring its patented, state-of-the-art wireless charging technology to market.
The round was led by science equity investor Oxford Sciences Innovation (OSI) with additional funds from investors RT Capital Management Inc and Woodford Investment Management Ltd.
Metaboards was founded in 2016 by world-leading professors and authors 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 said: "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.
His appointment follows the hiring of Pete Hutton as Chairman, who was previously president of product groups at ARM.