Karlsruhe-based start-up otego GmbH for the production of thermoelectric generators (TEG) has made its mark on investors.
Otego, a spin-off of the Karlsruhe Institute of Technology (KIT), has announced they have raised a seven-figure sum in seed funding by the close of its first round of financing. Among the financing consortium are High-Tech Gründerfonds, LBBW Venture Capital GmbH and Vector Venture Capital GmbH. Otego's corporate development aim is to mass produce thermoelectric generators (TEG) and establish the product on the market.
According to Otego their TEGs are smaller than a sugar cube and convert heat directly into electric power as soon as there is a condition of differences in temperature. otego has succeeded in making thermoelectric generators fit for mass-market production through the use of innovative materials and large-scale industrial production processes.
Many of the countless devices and sensors which are connected to each other as part of the Internet of Things will in future be able to use heat sources as sources of electric power, meaning that they will no longer need batteries or power cables.
At Otego, development across the entire value chain is conducted in house. This includes material synthesis, electronics development, production using roll-to-roll printing machines and the company’s very own patented origami folding process for printed foils.
Printable semiconductor materials are printed in standard facilities on ultra-thin foils, in a similar way to automated label printing. otego exclusively uses materials that are free of heavy metals, thus enabling environmentally friendly disposal.
"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 OEM and sales partnerships in the fields of sensor technology and Industry 4.0."
Frederik Lessmann, otego CEO
"The industrial production process will play an essential role in the success of the product, since it is scalable and therefore fit for the mass market. We are also encouraged by the four really great entrepreneurs that make up otego."
Yann Fiebig, High-Tech Gründerfonds
"At LBBW Venture, we see huge opportunities for otego to achieve what those before them have been unable to."
Christoph Sagemann, LBBW Venture
"otego will become the market leader in this field. There is potential for major synergies in the areas of printing processes for plastic foils and printable semiconductors."
Uwe Gerlinger, Vector Venture Capital