French startup Energysquare has raised €3 million in a seed funding round led by Partech to expand the business in the US and Asia. The company says its internationally patented technology overcomes the downsides of current wireless charging solutions, such as overheating and energy loss.
"Leaders in the electronics industry have invested billions over the past decade, yet they have been struggling significantly with wireless charging. Today's solutions are not very user-friendly, they waste a lot of energy, and are much slower than a wire charger," explains Timothée Le Quesne, CEO of Energysquare. "Our goal is to bring to the market a new standard of wireless charging, based on a powerful conductive technology, without energy loss, and as fast as a conventional charge.”
Founded in 2015 by Le Quesne, Daniel Lollo and Matthieu Poidatz, the startup’s solution is called Power by Contact technology, an “ultra-thin” pad that can charge multiple devices at once, without induction or electromagnetic waves.
Lenovo, the Chinese electronics giant, has signed a technological partnership to explore integration into their new laptop models. At CES 2020, the two companies demonstrated the first Lenovo notebook models embedding the French startup’s Power by Contact technology.
This partnership is partly what won over Partech as investors. “It's an incredible feat on the part of this team to have taken up the challenge of conduction totally at the opposite end of the market, creating a 100 percent functional technology and then convincing a major industrialist in such a short time," explained Alison Imbert, investment director at Partech.
Commenting on what's next, Le Quesne said: “This new round of financing will enable us to accelerate our development in Asia and the United States, where the main manufacturers of electronic devices are located, and to provide our customers with the best possible support on the spot." The team has already opened an office in Taiwan.