Miortech gains Series B funding to market auto-dimming mirrors
Eindhoven, the Netherlands, July 27, 2010 – Miortech has successfully closed a Series B funding round with its existing partners BOM and Technostars and new investor Point One Innovation Fund. The Rabobank Eindhoven-Veldhoven is providing Miortech with credit facilities totaling €2.25 million, guaranteed by the Dutch government under its Borgstelling Krediet (Security Credit) program.
Dr. Hans Feil, Miortech's CEO commented: "We appreciate the vote of confidence in our technology – the new funds will help us to accelerate commercialization so we can introduce products in 2011". Since its formation in 2006, Miortech has focused on developing, producing and marketing auto-dimming rear-view mirrors for cars. The AlertMirror® darkens automatically to prevent car headlights from behind dazzling the driver. It comes in different colors enabling designers to match the rear-view mirror to the color of the car's interior. An integrated 'rear-camera display' and other display features are on Miortech's product roadmap.
Michel Ziekman, Senior Account Manager at the Rabobank, welcomed the announcement: "We are delighted to make the loan available to Miortech. Their mirrors will improve road safety and also reduce automotive energy consumption, and as such Miortech fits well with our Corporate Responsibility Program".
React within milliseconds
The currently widely used electrochromic mirrors respond only slowly when headlights suddenly appear from behind, so drivers are still briefly blinded. Miortech's mirrors instead use electrowetting technology, which darkens in milliseconds to eliminate that danger. The very fast switching allows for the design of fast dimming mirrors with integrated display.
Miortech mirrors contribute to CO2 emissions reduction
Today's automotive industry has a strong focus on sustainability, and therefore on energy reduction. Reducing a car's energy consumption reduces CO2 emissions, and every electrical system in the car makes a contribution. So, every electrical system needs to be optimized to achieve the general goal of reducing CO2 emissions. Present auto-dimming mirrors based on electrochromic technology have relatively large energy consumption, which is inherent to the technology. Miortech's electrowetting technology has much lower power consumption as it is based on a capacitive effect.
About Miortech:
Since its inception in 2006, Miortech has focused on developing, producing and marketing auto-dimming rear-view car mirrors based on electrowetting technology. Auto-dimming rear-view mirrors turn dark automatically when cars coming from behind cause distracting glare. Electrowetting display technology was invented at Philips Research in Eindhoven, the Netherlands. Miortech is located at the High Tech Campus in Eindhoven, The Netherlands.