A Welsh energy business has completed its first investment round, funded by Swansea Innovations and Development Bank of Wales.
Trameto is developing micro energy harvesting technology designed to help reduce the need for batteries or wired power.
It has now closed a seed round of investment and secured a grant from Innovate UK. The seed financing was led by Swansea Innovations, which manages Swansea University’s venture fund, and the newly-formed Development Bank for Wales.
Trameto plans to use the funding to further develop its semi-conductor products, which will enable harvesting from any form of energy such as light, vibrations and thermal gradients.
Huw Davies, founder of Trameto, said: “Trameto’s products will enable the elimination of batteries from the many interconnected smart sensors and wireless devices which can communicate with each other in the Internet of Things.
“We are addressing opportunities in markets such as infrastructure monitoring, asset tracking, smart agriculture, defence, wearables, healthcare and smart metering.”
Richard Thompson, senior investment executive at Development Bank of Wales, added: “The investment from the Development Bank combined with the grant funding will allow Trameto to further develop their products and take advantage of the growing need for low maintenance wireless devices.”
Trameto is also supported by the AgorIP programme. AgorIP, which is funded by Swansea University, Welsh Government and EU structural funds and is hosted at the School of Management on the Bay Campus, works to progress new ideas through experimental and industrial development, demonstrating proof of concept to potential funders and attracting further investment.
Advisory firm Greenaway Scott acted for Trameto on the deal. Blake Morgan acted for the Development Bank of Wales.