Deeptech Seed Fund, a venture capital firm founded by Irish and US tech entrepreneurs, has led a €500,000 investment in a Swedish start-up called Qoitech, a spin-out from Sony Mobile.
It was joined in the investment in Qoitech by Swedish entrepreneur and investor Mikael Ahlström.
The Deeptech Seed Fund was established by Pearse Coyle and Tom Burniece after they sold the intellectual property to their Limerick start-up NVMdurance, creator of a unique data storage technology, in 2017.
“We intend to own the developer tool space for energy optimisation of battery-driven devices and we’re well on our way towards doing so”
Coyle and Burniece are in the process of raising €40m to establish Deeptech Seed Fund as a pan-European tech investor focused on early-stage, breakthrough companies with strong intellectual property.
Qoitech is focused on the energy problem that potentially afflicts internet of things (IoT) devices.
Qoitech’s product Otii gives IoT developers a unique insight into how their design will perform in the real world. It gives them the ability to see how design changes impact on the energy consumed, the way the battery performs and, ultimately, the lifetime of the device.
“The move to become an independent company enables us to raise funds to continue and accelerate our growth and to greatly extend our product offerings,” said Vanja Samuelsson, Qoitech’s CEO. “We intend to own the developer tool space for energy optimisation of battery-driven devices and we’re well on our way towards doing so.”
The Sony heritage has driven the team to create a high-quality product with a great user experience. This funding is intended to bridge the period from spin-out to Qoitech’s next funding round for scaling.
“We are proud of what Qoitech has become and we will continue to provide support, to ensure the success of this business,” said Keizo Nakatani, senior manager of Sony Mobile Communications.
Written by John Kennedy (firstname.lastname@example.org)
Published: 6 September, 2019