Mithras Technology raises Seed round to advance its innovative energy source
06.04.2021
Mithras Technology, which was supported by Venture Kick in 2020, closed a Seed round and raised an undisclosed amount to expand its team and accelerate time to market. A foundation, an investment fund, and a business angel backed the Seed round.
 Mithras Technology co-founders Moritz Thielen (scientific advisor and member of the board of directors, left) and Franco Membrini (CEO)
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Mithras Technology develops thermoelectric generator systems that can harvest human body heat and turn it into usable electricity for consumer and medtech wearables. The startup aims to achieve the fit-and-forget goal for numerous devices, resulting in energy autonomy and overcoming the need for recharging or battery changing. While this innovation is convenient for consumer devices, it can be a lifesaver in the medtech market. We talked to Franco Membrini, Mithras co-founder and CEO about the fundraising round and the startup’s goals.
Franco, Mithras Technology works on the next generation of energy. How are you doing this?
We see enormous potential for human body energy harvesting since our body wastes a lot of energy, especially in the form of heat. Instead of losing this heat to our environment, we can capture it and bring it to good use for our everyday electronic devices. It is this vision that keeps Mithras going—from the founding of the company two years ago to the closing of the recent financing round. We build our prototypes in-house, but we also work together with ETH Zurich. We have an ambitious roadmap for the upcoming months regarding market readiness and venture development and even greater plans for the time beyond. Even though there are many challenges to tackle, we are confident that we’ll unleash the great potential that our technology offers.
You just closed a Seed round. How will the money help Mithras Technology achieve its vision?
With the money we raised, we have most recently been able to hire additional manpower in engineering and business operations, which will accelerate our time to market. Furthermore, the successful closing of the Seed round will lead to additional sources of funding that are already pre-closing. Besides the cash, we also won experienced investors for our case: They will support the development of our venture with their expertise and continuous support, such as networking in the relevant markets or regarding future funding rounds.
How has COVID-19 affected the fundraising round?
Early-stage fundraising is never an easy task. But all the insecurities in 2020 might have made it harder for many startups. This is also indicated by the first-time decrease of invested capital in Swiss startups since 2012 (according to the Swiss venture capital report). So, I would say that without COVID-19, we would have been able to close the round earlier. Nevertheless, we have been able to achieve this important milestone despite the current insecurities, which makes it an even greater achievement and gives us the confidence to keep going.
You were supported by Venture Kick last year. How has the program helped you with raising the seed round?
We have won several labels from the Swiss startup ecosystem, Venture Kick being one of them. Every label gives the team a motivational boost since an expert jury explicitly tells you, “Guys, your project has what it takes.” Furthermore, it's also a great perk regarding fundraising since it makes things easier for investors. There have already been experts reviewing the venture and giving out the label, which certainly builds trust.
Franco, Mithras Technology works on the next generation of energy. How are you doing this?
We see enormous potential for human body energy harvesting since our body wastes a lot of energy, especially in the form of heat. Instead of losing this heat to our environment, we can capture it and bring it to good use for our everyday electronic devices. It is this vision that keeps Mithras going—from the founding of the company two years ago to the closing of the recent financing round. We build our prototypes in-house, but we also work together with ETH Zurich. We have an ambitious roadmap for the upcoming months regarding market readiness and venture development and even greater plans for the time beyond. Even though there are many challenges to tackle, we are confident that we’ll unleash the great potential that our technology offers.
You just closed a Seed round. How will the money help Mithras Technology achieve its vision? With the money we raised, we have most recently been able to hire additional manpower in engineering and business operations, which will accelerate our time to market. Furthermore, the successful closing of the Seed round will lead to additional sources of funding that are already pre-closing. Besides the cash, we also won experienced investors for our case: They will support the development of our venture with their expertise and continuous support, such as networking in the relevant markets or regarding future funding rounds.
How has COVID-19 affected the fundraising round?
Early-stage fundraising is never an easy task. But all the insecurities in 2020 might have made it harder for many startups. This is also indicated by the first-time decrease of invested capital in Swiss startups since 2012 (according to the Swiss venture capital report). So, I would say that without COVID-19, we would have been able to close the round earlier. Nevertheless, we have been able to achieve this important milestone despite the current insecurities, which makes it an even greater achievement and gives us the confidence to keep going.
You were supported by Venture Kick last year. How has the program helped you with raising the seed round?
We have won several labels from the Swiss startup ecosystem, Venture Kick being one of them. Every label gives the team a motivational boost since an expert jury explicitly tells you, “Guys, your project has what it takes.” Furthermore, it's also a great perk regarding fundraising since it makes things easier for investors. There have already been experts reviewing the venture and giving out the label, which certainly builds trust.