MIT chip spinout gets $6.5M in funding
MTPV (Austin, Texas) expects to receive another $2 million in funding, bringing the total for the funding round to $8.5 million, according to the filing, made with the U.S. Securities and Exchange Commission. The filing did not name the investors.
According to MTPV’s website, the firm’s modular semiconductor chips can generate electricity using 45 percent less heat than traditional systems. The company claims advantages in solid state design, scalability, miniaturization and power density that it says have the potential to create revolutionary products for markets.
MPTV was established in 2008 by a group of founders including Bob DiMatteo to continue R&D and commercialization of micron-gap thermal photovoltaic (MTPV) technology developed at the Massachusetts Institute of Technology, according to the company’s website. MTPV, described as a means of directly converting heat or sunlight to electricity, was developed by DiMatteo and his team at MIT, according to the company’s website.
Last October, MTPV was named best venture by the U.S. Department of Energy’s National Renewable Energy Laboratory’s 23rd Industry Growth Forum.
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