GETcorp Raises Top Tier VC Round To Build Wireless Power Networks for Drones
WOODLAND, Wash. & MOSCOW–(BUSINESS WIRE)–May 31, 2017–
Global Energy Transmission Corporation (“GET”), a provider of long distance high power wireless power solutions for industrial applications, has raised a $2.5M seed round.
The new investment round is a landmark cross border Russian-US joint technology venture investment, led by IP Fund (Russia) and Draper Associates (US). IP Fund participated in this transaction via PapayaFIN Ltd. which became the new shareholder. The new funds will be used to develop GET’s industrial wireless power charging system and deploy wireless power networks across major cities worldwide.
“GET has developed a suite of high performance wireless power transmission technologies and is currently focused on introducing its large area solutions for the commercial drone industry,” said Leonid Plekhanov, GET Founder and CEO.
GET announced and demonstrated its first prototype Distant Wireless Power System drone charging solution in June 2016. It enables the first continuous wireless powered electric drone flight over a large area. The system can continuously deliver enough energy to power heavy drone flight by wirelessly recharging onboard batteries for commercial parcel delivery services and other applications.
“Since electricity can travel wirelessly, we won’t need wires. GET can potentially replace every electric wire on the planet with their wireless solution,” said Timothy Draper, Founder of Draper Associates/DFJ.
“Despite several transactions structured for last year in Russia and Europe, this is the first transaction of our fund in the USA. The fund is aimed at investments into the startups proposing infrastructure hi-tech solutions based upon transactional model and able to gain income from transactions in system. The GET project completely corresponds to this strategy, and we believe in its success,” said CEO of IP Fund, Dr. Econ. Sci., Prof. Artem Genkin.
“During last years it became highly important to get rid of wires – to be free with any gadget we use either smart phone, music station or making land views with drone. We are absolutely sure in development of wireless power solutions and are glad to be part of this growing high-tech industry,” said Dmitry Panursky, Director of PapayaFIN Ltd.
GET also presented its wireless power network plan for a series of power hot spots for drones to recharge as they complete deliveries across a region. With this approach, there is no longer need to land the drone precisely in order to recharge it. It can be done while airborne or simply landing within the wide-area power hot spot. GET plans to deploy a power hot spot network for drones, with light-weight antenna receivers available for mounting on drones, which can be registered to the GET Wireless Power Network (WPN) with subscription service.
The technology is safe and friendly for the environment, and well within the World Health Organization guidelines. Importantly, the GET WPN does not interfere with existing communications transmissions at all. Authorized drones with access to the GET WPN can safely grab enough energy in seconds to fly payloads across the charging network to stay aloft indefinitely for use in surveillance and other applications, or reach their delivery destinations with parcels.
About Global Energy Transmission
GET is US-based company with engineering center in Russia. The company owns a strong IP portfolio in wireless power charging solutions. The company is focused on solving the short battery lifetime issue with commercial drones. GET Wireless Power Network (WPN) subscription service will enable millions of drones to receive power from a network of power hot spots to deliver packages to customers throughout cities. The technology is enabling for drone parcel delivery services and other drone-based services including inspection, surveillance, mapping, agricultural monitoring, rescue operations and others. To learn more, visit www.getcorp.com
About the IP Fund
IP Fund is a Russian investment fund founded in July 2016 and focused on high-yield investments in dynamically growing companies in IT, disruptive technology, education and healthcare. The fund invests in projects in Russia, the United States and Europe. The fund’s investments are designed to help accelerate companies and increase their efficiency. To learn more, visit http://ipfund.ru
PapayaFIN has supported projects in various aspects of the start-up and operating companies and provided such services as business planning, strategic development planning, holding structure optimization and incorporation of the companies, IT core operational software implementation, choose of optimal IT infrastructure and IT security solution.
About Draper Associates
Draper Associates is a premiere brand in early-stage venture capital. The entrepreneur-centric firm has built a reputation for venture capital that encourages entrepreneurs to drive their businesses to greatness, to transform industries with new technologies, and to build platforms for extraordinary growth, jobs, and wealth creation. To learn more, visit www.draper.vc
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Global Energy Transmission Corporation
William Kallman, +1-360-281-1116