Engine technology developer, ActiveTorque Pty Ltd has successfully closed its first round of investment with Allen & Buckeridge joining a Uniseed-led financing consortium.
The Queensland Government’s teQstart Investment Fund has also invested in the company, following-up an earlier research grant from the State via the Queensland Sustainable Energy Innovation Fund (QSEIF).
ActiveTorque was spun out of The University of Queensland by UniQuest Pty Ltd to commercialise software which can dynamically calculate and tune a combustion engine to optimal operating settings.
The ActiveTorque board and UniQuest were extremely pleased to close the first funding round, according to ActiveTorque Chief Executive Officer, David Robinson.
“Allen & Buckeridge’s wealth of experience with start-up companies as well as their US connections will complement the skills brought to the company by Uniseed and teQstart”, said Mr Robinson.
“The funding will enable the company to move its lead technology through proof-of-concept research and market assessment to the stage of market validation.”
The technology will be initially trialled on a V6 Holden engine, with initial results expected by October.
Allen & Buckeridge Venture Partner, Bob Christiansen said all three investment groups were impressed by the ActiveTorque technology.
“By optimising engine performance on the go, ActiveTorque’s technology should enable an engine to continually operate at maximum efficiency without risking damage,” said Mr Christiansen.
“An engine enabled to always operate at its peak would consume less fuel and produce less pollution.”
“With today’s fuel prices, if ActiveTorque’s technology can demonstrably increase fuel efficiency even by only a few per cent this would equate to a large saving for drivers and automotive companies around the world would be interested in incorporating it into their cars.”
ActiveTorque’s technology will be operated in trials using data supplied by torque sensors from the German company, Non-Compact Torque Engineering.
The technology was developed by UQ PhD student, Larry Weng.
Media inquiries: David Robinson (ActiveTorque), 0410 568 849 or David.robinson@activetorque.com
