CaPow Raises $7.5 Million Seed Round
CaPow, a perpetual power solution provider, announced it raised a $7.5 million Seed round to scale up the commercialization of its battery-free, wireless, energy delivery eco-system for autonomous robotics. This solution provides continuous power for automated robotic environments while eliminating robot downtime due to charging. The round was led by IL Ventures, a VC fund focused on disruptive technologies for legacy industries, with co-investment from Mobilion VC, Payton Planar Magnetics, Doral Energy-Tech Ventures, Mobilitech Capital, and Mr. Ray Nissan, a prominent angel investor.
Today, many automated solutions rely on batteries for power supply. This dependency leads to several inherent inefficiencies such as charging downtime and rampant costs due to the need for additional robots to replace the ones that are being charged. Moreover, traditional batteries have a negative environmental impact, as they create safety hazards and are an operational “headache” since they require a dedicated procurement strategy, special shipping, handling, storage and recycling.
CaPow addresses the primary bottleneck for automation: the challenge of providing reliable, cost-effective, and non-pollutive energy. By offering consistent power flow for mobile robots, CaPow’s energy delivery eco-system allows automated robotic solutions to continuously operate with no energy depletion downtime while ending the concept of reliance on legacy batteries. CaPow’s “battery-free”, paradigm-shifting solution is being well received along the logistics value chain, as it is validated to cut down the size of the required robot fleet, enhance throughput and improve the ROI of automation.
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CaPow’s proprietary solution facilitates optimal power transfer with wide and dynamic capabilities. It accommodates multiple users, as well as the presence of metal and debris in and around the energy transfer field. In addition, it supports large distances between the transmitting and receiving ends, as well as wide spatial coverage. This provides substantial power levels with optimal end-to-end efficiency. The value of CaPow’s technology further expands to the wider mobility market with a wide range of applications.
Mr. Amir Fishelov joins CaPow’s Board of Directors as Chairman of the Board, leveraging his two decades of experience as Co-Founder of SolarEdge (Nasdaq: SEDG), a pioneer and global leader in smart energy technology. At SolarEdge, a $17B company, Mr. Fishelov served as Chief Architect as well as VP of Strategy and Corporate Development, leading large-scale and complex energy management projects.
“With the backing of our investors and strategic partners, CaPow is challenging robot manufacturers, automation solution providers, and facility operators to change their definition of operational efficiency”, says Prof. Mor Peretz, Co-Founder & CEO at CaPow. “We look forward to accelerating our product development to meet strong market demand for our innovative and proven technology. The company will use the proceeds from the investment round to expedite business growth in markets around the world.”
“At IL Ventures, we align closely with CaPow’s mission of creating a sustainable, battery-free power supply for the industry,” says Yoni Heilbronn, Managing Partner at IL Ventures. “We are excited to invest in an exceptional and proven technology, which is a game changer for the entire robotic power landscape.”
“I am very proud BGN Technologies took part in bringing CaPow’s revolutionary technology to the market,” says Zafrir Levi, VP Exact Sciences at BGN, the commercialization arm of the Ben-Gurion University. “We wholeheartedly believe in CaPow’s Perpetual Power solution, and this investment is proof of the company’s superior technology and for the massive potential for disrupting the industry in which it operates”.
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