Nanoleq raises CHF 1.1 million to launch its cables22.02.2019
Nanoleq, an ETH spinoff company specialising in non-breakable cables, has raised CHF 1.1 million from a fund and business angels from France, Switzerland and Belgium. The funds will enable the startup to accelerate production and the launch of its product.
Cables used in electronic devices are often exposed to considerable wear and tear, which can lead to the mechanical break and ultimately failure of the entire device. For industries such as healthcare, robotics, aerospace and high-end electronics sectors, that emphasized safety and reliability, durable and reliable cables are essential.
Nanoleq, the ETH Zurich spinoff, is developing electric cables that are 100-times more resistant to mechanical wear and tear. The startup uses a technology that is based on a smart layer arrangement of the cable and the use of innovative stretchable and conductive materials developed in its research labs.
As reported by venture lab, Nanoleq has raised fresh capital of CHF 1.1 million to cover team, equipment and production expenses. Participants in the round include business angels from France, Switzerland and Belgium. The funds will flow into team development, equipment and production. The company aims to launch the first product by the end of this year.
Besides achieving the new investment milestone, Nanoleq’s solution has impressed juries at startup competitions such as EIT Health Germany’s Headstart Awards, W. A. de Vigier, IMD startup Challenge, the second stage of Venture Kick’s program, among others.