Drayson Technologies, the company founded by Lord Paul Drayson, has raised £8m in Series B funding.
The round, led by existing investors Lansdowne Partners and Woodford Investment Management, brings the company’s cumulative funding to date to £26m.
Lord Drayson, chairman and CEO, Drayson Technologies, said: “Since the launch of our Freevolt technology last year we have seen tremendous interest in its application to power the growing numbers of connected devices being deployed as the third wave of internet connectivity gathers momentum.
“This investment will enable us to capitalise on this opportunity and position the Company to be at the forefront of powering the Internet of Things (IoT),” he added.
Freevolt technology, which is pending patent approval, is being developed by Drayson to recycle wasted RF energy from the carrier waveform of radio transmission networks to power low energy electrical devices such as beacons and wearables.
A statement said the company would use the new funds to continue developing and deploy the technology in smart city, digital health and IoT applications.