Wireless light switch technology firm EnOcean has secured €4.5m of venture capital.
"This new financing will be focused on expanding the European and North American markets, and establishing new markets, especially in Asia. In addition, we’re investing in further development of our technology and products," said EnOcean CFO Uwe Thumm.
Based in Germany, the company is a spin-off from Siemens, developing and making wireless transmitter modules powered by the physical movement of their switch, and associated receivers.
Adopted by several major electrical fitting makers, including the UK’s MK, this latest cash pushes EnOcean’s total funding over €20m.
The company claims so far to have sold 500,000 units and annual turnover and sales growth is currently running at 100%.
Investors with the largest shares so far are Wellington Partners of Munich and 3i Group in London. Others include Emerald Technology Ventures, Zurich; Siemens; BayTech Venture Capital Beratungs, Munich; and ATMOS, Milan.
In addition to MK, customers include Masco, Leviton and Honeywell of the US and Germany’s Eltako.
"I’m convinced that EnOcean can tap this enormous market potential with its technology for energy-efficient solutions," said Rolf Dienst, general partner of Wellington Partners "You might say EnOcean technology is the quasi foundation for smart, green buildings."
EnOcean’s technology is a strong candidate for a de-facto wireless light switch standard.
Although the light switches consume zero power, green claims are somewhat undermined by the static power consumption of receiver modules which is over 100mW per node.
Worldwide standardisation is handled by the EnOcean Alliance, which also supports marketing.