Wednesday, November 5, 2014

Pilegrowth Tech raises €500k in seed funding from Quadrivio Capital SGR and Como Venture for the superconductor Made in Italy

Quadrivio Capital SGR - through its TTVenture fund -Como Venture which operates in synergy with ComoNExT business incubator, and the industrial partner LPE spa, after having believed in the entrepreneurial project with a first round held in 2012, took part to a new investment round Pilegrowth Tech Srl, a company operating in the semiconductor industry, by providing financial and industrial resources for a value of over 500,000 EURLeonida Miglio, founder and president along with Hans von Känel, founder and CTO of Pilegrowth Tech, commented that "the challenge is doubly difficult, both for the highly competitive sector at global level, and because undertaken at a time of economic crisis equally global, but the confidence and the courage of the investors are the best incentive to pick it up and carry it to success, with as much confidence and courage, even in contrast to the trend of despair that hangs in our country. "

Pilegrowth Tech has the ambitious goal to introduce a radical innovation in the semiconductor industry, based on a new solution discovered by two prominent scientists in Solid State Phisics. The project is based on the discovery of an innovative process that has gained the coverage of the prestigious journal Science and that allows the growth of different semiconductor materials on silicon without producing the "crisis of rejection" that the different atomic structures normally generate. Such technology would allow to combine the industrial and cost advantages of silicon with the performance advantages of high value added semiconductors. It is for example the case of germanium, which is deposited on a silicon surface without producing cracks and could be useful for packaging photovoltaic cells capable of converting solar radiation to higher frequency. This solution represents a major technological innovation: the difficult task of Pilegrowth is to turn this scientific breakthrough into a platform for innovative products (electronic devices to handle the power of many consumer goods, in place of silicon, high efficiency but lighter solar cells,  extremely sensitive and precise x-ray radiation detectors). 

Pilegrowth Tech aims to develop a high-tech platform of highly innovative products with widespread potential applications (photovoltaic cells, x-ray detectors, photonic and electronic devices). The aim is therefore to develop a range of products with a high rate of innovation: from electronic devices to manage the power of many gadgets you have in your pocket to high-efficiency solar cells but with less weight up to radiation-sensitive x-ray detectors. The applications are endless.

In detail, the new raised funding will serve to churn an electronic device based on silicon carbide with applications for power electronica. It is in the micrometer silicon technology of carving the secret of the invention made in Como, tested in the laboratories of some partners in Catania and being analyzed in various international centers with deep experience in the field. Founded in 2012 founded in 2012 by an initial investment from existing investors and the industrial partner; Pilegrowth, represents a unique case in Italy of Technology Transfer "from Science to the Market", as it involves the primary subjects of all of the different sectors of the technology transfer from research originated by Italian universities (Pilegrowth Tech is also spin off of the University of  Bicocca Milan), to a high-tech company of excellence in a highly competitive industry such as semiconductors, to the primary operators of Italian Venture Capital. Based on the prototype company which won in 2013 the prestigious "Sapio Award for Applied Research",hopes to attract new investments during 2015. 

Quadrivio Capital SGR is one of the leading investment groups in venture capital in Italy, with more than 60 professionals and approximately one billion euro in assets under management. Quadrivio is also completely independent, as the senior management team, working together for over 15 years, has the control of the company.

TTVenture, Venture Capital Fund of the Quadrivio group, aims to enhance the initiatives in sectors with a high degree of technology and innovation such as Life-Science, New Materials, Clean Tech and Agri-Food. Investments are designed to target companies that are equipped with high capacity to generate intellectual property and engage in activities that foster innovation processes, development and technology transfer, as Pilegrowth Tech.

Como Venture, present in the company since its inception, is active in venture capital investing in innovative high-tech and growth potential, by acquiring shareholdings in the capital. Como Venture selects and invests in projects that foster business innovation processes, development and technology transfer that can be translated into industrial products and work in synergy with the Science and Technology Park ComoNExT, the place where laboratories and research centers promote technology transfer of innovative settled companies.

The industrial partner, LPE Spa, a company founded in Milan, the market leader in the production of reactors for epitaxial deposition for the semiconductor industry for over 30 years: its products, thanks to the high technical quality result of considerable experience and know-how, are recognized by the market as among the best available. LPE, always looking for the possibility of collaboration with customers and suppliers, is one epitaxial technology world leading companies in an industry that is the basis of modern digital revolution. LPE proves to have confidence in the design and technology of Pilegrowth by participating in the new investment round in the start-up.