ONiO Raises $2.3M in its latest funding round.
OSLO, NORWAY, Aug 25, 2021 - ONiO, a fabless IoT company that brings self-powered, batteryless solutions to the market, has secured a $2.3 million equity investment agreement with MP Pensjon (TINE Pension Fund) and the European Innovation Council (EIC) Fund, as part of its EIC Accelerator program. This financing round will enable ONiO to further accelerate the rollout of ONiO.zero - the world’s first general purpose wireless microcontroller WMCU capable of true batteryless operation.
Kjetil Meisal, CEO at ONiO, adds, “We are grateful for the support from the EIC Fund and our current investors. The support has helped mitigate the risks of undertaking broader and more ambitious development efforts. Besides the evident financial support, ONiO is honoured to be selected as one of the most innovative companies in Europe. This is for sure a seal of excellence for the company, partners and investors.”
ONiO.zero is a tiny wireless microcontroller that is designed to replace the battery in the devices that surround us. ONiO.zero is one small step into the promising world of self-powered sensing - And we hope, a frontrunner among many giant leaps towards a sustainable and green future.
Martin Bruncko, member of the EIC Fund Investment Committee, said: “We are glad the EIC Fund is backing ONiO which is bringing highly promising, self-powered, battery-free sensor solutions to the IoT market. The potential market opportunity here is massive and ONiO is well placed to take advantage of it”.
Based in Oslo, Norway, ONiO® is a fabless IoT company specializing in batteryless microcontrollers that run on ambient energy. We are deeply committed to crafting viable clean-energy solutions for IoT devices, breaking them free from the battery. ONiO.zero is our line of batteryless general-purpose microcontrollers. ONiO.zero can use virtually any RF, thermal, solar, piezo signal as a power source. Our aim is to unshackle one IoT device at a time from the battery, en route to a 100% battery-free IoT future. Our product offers manufacturers a more minimalist, user-friendly, economical, and environmentally sustainable power solution for IoT devices.
About the EIC-fund
Established in June 2020, the European Innovation Council Fund (EIC Fund) is a breakthrough initiative of the European Commission to make direct equity and quasi-equity investments (between €500.000 and €15 million) in European high impact and deep tech start-ups and scale-ups. With a long-term perspective, the EIC Fund invests in companies from any sector, across all EU member states as well as in associated countries.
The EIC Fund aims to fill a critical financing gap and its main purpose is to support companies in the development and commercialization of disruptive technologies. This is achieved by crowding-in market players, and further sharing risk by building a large network of capital providers and strategic partners suitable for co-investments and follow-on funding.
The Fund pays particular attention to the empowerment and support of female founders as well as the ambition to reduce the innovation divide among EU countries.
To learn more about the EIC, visit https://eic.ec.europa.eu/index_en.