Otego, a Germany-based thermoelectric generator producer spun out from Karlsruhe Institute of Technology, closed a seven-figure seed round (€1m = $1.2m) today backed by public-private partnership High-Tech Gründerfonds.
Vector Venture Capital, the corporate venturing division of software developer Vector Informatik, and LBBW Venture Capital, the investment subsidiary of financial services group Landesbank Baden-Württemberg, also took part in the round.
Otego is developing thermoelectric generators (TEGs) that are smaller than a sugar cube and are able to directly convert heat into electricity as soon as a change in temperature occurs. The generators use materials free of heavy metals, making them environmentally friendly.
The technology is particularly relevant for internet of things devices, which currently require batteries or cabling. Otego hopes to ramp up mass production of the generators and establish a market presence.
Frederik Lessmann, chief executive of Otego, said: “Our TEGs have been proven in operation; the production process has been tested and is scalable. Our focus is now on establishing ourselves in interesting market sectors.
“We are targeting original equipment manufacturers and sales partnerships in the fields of sensor technology and industry 4.0.”
