Xenergic raises $1M in capital funding from Almi Invest, Quinary Investment, LU Holding and Anders Berglund.
Xenergic, a Lund, Sweden-based startup manufacturing low-power memory solutions for integrated circuits, announced in a press release securing a SEK 8M ($910k) investment funding.
The backing comes from Swedish investors, including Almi Invest (which contributed with SEK 2M), Quinary Investment and existing investors LU Holding and Anders Berglund. The money will be used for product development and initiating commercial cooperation.
Xenergic was founded in 2017 by CEO Babak Mohammadi, Joachim Rodrigues and Anders Berglund as a a spinoff from Lund University and develops an innovative technology that reduces power consumption in computer memory by up to 90%. The company's technology is a new IP for on-chip memories, known as SRAM which is a widely used component in integrated digital circuits such as mobile phones’ processors. The developed IP drastically reduces the power consumption and brings down the area footprint and thus production cost, making it very attractive to low power applications such as battery powered devices.