Lund, Sweden, 6 September 2019 Qoitech AB – after a great start as part of Sony Mobile Communications – is excited to announce that it has spun out to become an independent company with a €500,000 investment from Deeptech Seed Fund, who led the round, and Mikael Ahlström, Swedish entrepreneur and investor.
The successful deployment of Internet of Things (IoT) devices is hugely influenced by battery life and energy consumption. Qoitech’s product Otii gives IoT developers a unique insight into how their design will perform in the real world. It gives them the ability to see how design changes impact on the energy consumed, the way the battery performs and, ultimately, the lifetime of the device.
With widespread adoption of Qoitech’s Otii across the world, the completion of the spin-out process marks a new beginning for Qoitech. The Sony heritage has driven the team to create a high-quality product with a great user experience. This funding is intended to bridge the period from spin-out to Qoitech’s next funding round for scaling.
Vanja Samuelsson, Qoitech’s CEO, believes that “The move to become an independent company enables us to raise funds to continue and accelerate our growth and to greatly extend our product offerings. We intend to own the developer tool space for energy optimization of battery driven devices and we’re well on our way towards doing so.”
Keizo Nakatani, Senior Manager of Sony Mobile Communications and member of the Qoitech board, commented: “We are proud of what Qoitech has become and we will continue to provide support, to ensure the success of this business”.
About Qoitech AB:
Since mid 2018 Qoitech has been enabling developers throughout the stack and their companies, big and small, to energy optimize their devices and apps. Qoitech has happy customers from 30+ countries, from makers to Fortune 500 companies. The team consists of highly skilled individuals, HW, SW and system engineers within the area of embedded engineering, HW design, IoT connectivity, with focus on product development and maintenance, customer service and tech content creation.
About the Deeptech Seed Fund
Deeptech Seed Fund invests early in new ventures that have achieved a significant breakthrough in technology/science and now wish to exploit a global commercial opportunity. Deeptech Seed Fund worked with Sony Mobile and the Qoitech team to structure a fair spin-out deal for all of the parties.