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13 June 2018

Metaboards fires up $5m round

Oxford spinout Metaboards has the backing of Oxford Sciences Innovation as it targets revenue streams for its metamaterial-based wireless charging technology.

Author: Callum Cyrus, reporter

Metaboards, a UK-based wireless charging technology spinout from University of Oxford, raised $5m yesterday in a round led by university venture fund Oxford Sciences Innovation.

RT Capital Management and Woodford Investment Management also took part in the round.

Founded in 2016, Metaboards is developing a wireless charging system that could surpass today’s technologies, by removing the requirement for alignment between the charger and device, and by filling up multiple devices from a single charging point.

The system utilises so-called metamaterials, substances made from compounds that are arranged to offer properties not found in natural materials, to enable charging through any non-metal surface. 

The funding has been allocated for a recruitment drive as Metaboards explores best routes to market. It has already developed a prototype and is discussing with unspecified manufacturers potential products that integrate its technology.

Metaboards has also assembled an executive team to direct commercialisation, having appointed Nedko Ivanov, former head of computer software developer Redux, as CEO in January 2018.

Ivanov joined Pete Hutton, Metaboards’ chairman since July 2017, who previously led the product division of microprocessor supplier Arm.

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."

Will Goodlad, principal at Oxford Sciences Innovation, added: “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.”

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