WOODLAND, Wash. & MOSCOW–(BUSINESS WIRE)–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
“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,
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
About Draper Associates
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
Global Energy Transmission Corporation