Written by Panis Pieri
Early April a Cypriot startup, Introfoc presented their prototype in the Sustainability Epitch 2022 in front of 100+ investors. The event was organised by DealFlow.eu and the European Commission. Introfoc was selected among the 6 best sustainability startups from Europe in order to present their innovative solution and product in the field of cleantech technology. Just to add here that this project was the only project from Cyprus until today that reach the final stages of EIC Pitching Stage in 2020.
>>> Read the interview in Greek here <<<
Introfoc is one of the spinout startups of CyRIC and the last years is incubated under the Gravity Incubator. Brief met with the CEO of CyRIC Panayiotis Philimis and other members of the team to discuss the very interesting and disruptive project in the field of renewable energy.
Tell us your story and why you decided to create Introfoc.
Introfoc was created in 2016, as a spinout of CyRIC, one of the leading technology and research centers in Cyprus. The goal was to transfer our innovative wind energy ideas, under a new entity, that would focus on the validation, development and eventually commercialisation of our technologies, following a successful startup business development roadmap.
What problem are your solving?
Today, urban cities are responsible for more than 30% of the CO2 emitted globally. It is a worldwide plague that affects the lives of millions of people, as well as wildlife and the environment. At the same time, large wind farms loose more than 50% of the generated power due to grid inefficiencies and electricity never reaches the heart of the cities. As of this, there is a high demand for harvesting wind energy at the micro level, however there are numerous practical inefficiencies that existing small scale wind turbines have when it comes to their installation in urban environments and building rooftops. What we are proposing is a solution that can ultimately solve these problems.
You are a cleantech startup. How are you disrupting the global market and why do you think wind turbines are the future of renewable energy?
Harvesting wind has always been a crucial aspect of human evolution, covering purposes such as irrigation, farming, naval, electricity and much more. Today, wind is the biggest renewable energy resource, hence the supremacy of wind turbines also reflects their future.
What we are offering is an advanced patented solution called WindiBox, that allows wind to be collected from all directions and be augmented, resulting in power improvements of at least 3 times, compared to competitive small scale stand-alone wind turbines. WindiBox is a vertical axis wind turbine, enclosed in a box and tailored for installation on building rooftops. This technological and design approach makes WindiBox an ideal proposition since no rotating parts are visible and exposed giving an aesthetically profound solution with unique safety features.
Do you have the right team to build your vision and solution?
From the very beginning, we have always looked into fulfilling the knowledge gaps for developing both our technology and also our company. As of this, we have built a strong company identity by bringing on board a highly experienced and competent team of engineers, business development and marketing experts. Our philosophy and vision are evenly shared amongst our team, something that drives our commitment to success.
Can you share with us some important milestones of setting up your tech company and product until today?
We started back in 2015 financing the project internally so a key milestone was the co-funding opportunity through the Research and Innovation Foundation in Cyprus, which allowed us to optimize our technology.
Some of our key milestones refer to the first grant we managed to acquire under the SME Phase 1 programme in 2019, where we validated the market and technical feasibility of our technology.
In addition, the developed patent portfolio is also a huge milestone for us, since our unique technology and its features have been safeguarded against future commercial infringement.
As the only Cypriot company presenting at the EIC Accelerator Pitch Stage in Brussels back in 2020, was also a big achievement for us, despite the fact that we did not manage to pass through. Being selected amongst thousands of innovation proposals always brings a sense of pride.
So, success for us is to first manage to get the certification of our product validating the output and second raising the next round of investment of 3 millions Euro in order to commercialise Windibox.
Introfoc has been selected as one of the 6 most innovative early-stage sustainability startups in Europe and you have presented to Investors your breakthrough Wind Turbine Technology #WindiBox for building rooftops at the Sustainability E-pitching Event 2022 in April organised by Dealflow.eu and European Commission. Tell us more.
The dealflow e-pitching event refers to Europe’s most innovative, early-stage sustainability startups that have already been validated and ready to go to market. Our company has been selected as one of the 6 finalists, amongst hundreds of startups and this is something we are very proud of.
The e-pitching event took place on the 5th of April 2022, and it was a big opportunity for us to share both Introfoc and our technology WindiBox and raise investment interest. Despite whether we are the winners or not, being listed as one of the 6 most innovative startups in Europe, is a huge milestone both for our company and also for a small Mediterranean island like Cyprus.
How do you see the future evolving with all these disruptive technologies taking over our daily life?
Rapid technological change has substantially affected our philosophy and approach when engaging with potential new ventures that are candidates for joining our incubation programme at Gravity Incubator. ‘’We support tech-startups, We support Aspiring Entrepreneurs’’. We believe that the next big surge of innovation is powered by emerging technologies founded by aspiring entrepreneurs that are driven by purpose and passion.
Introfoc is a spinout of CyRIC and incubated in Gravity. Tell us more about your role and mission in the local and European ecosystem.
CyRIC, is the Business Innovation Center (EU-BIC) of Cyprus, certified by the European BIC Network and belongs to an esteemed global network of high-level professionals who delivers top-notch services with high-quality standards to the entrepreneurial ecosystem in Cyprus and the region. It has received international recognition as a high-tech company developing breakthrough products for both local and international customers specializing in the fields of Biotechnology, IoT, HealthTech, Robotics, Energy, wearables and AI/ML.
CyRIC has been instrumental in supporting the local ecosystem by providing research, innovation, technology transfer, investment and funding services to more than 500 startups, innovative SMEs, inventors, entrepreneurs and researchers the last 5 years.
GRAVITY, is a global high-tech venture building incubator that operates under the label of CyRIC EU-BIC and invests in a diversified portfolio of tech startups from Cyprus, Greece and the region since 2015. So Introfoc has been hosted since then at the incubator and has been growing fast by raising its technology maturation and its team from one to seven members