The startup Borobotics has secured 1.3 million Swiss francs in a financing round. Well-known investors from Switzerland and the Silicon Valley are supporting the further development of Borobotics' innovative geothermal drilling systems.
TPW start-up Borobotics has secured 1.3 million Swiss francs in equity in a seed funding round. The capital will be used to further develop the existing prototypes into fully-fledged drilling systems that enable drilling to a depth of 250 metres. Borobotics is thus going beyond the current market standard for near-surface geothermal energy.
«We are thrilled by the broad support our vision has received. This funding brings us closer to our goal of providing sustainable heat for buildings in a more accessible and cost-effective way,’ says Hans-Jörg Dennig, CEO of Borobotics.»
The financing round was led by Underground Ventures (UGV). The investors include Swiss organisations such as Swiss Kickfund, the drilling company Hans Barmettler & Co AG, the drill head manufacturer Bospi AG and the property development company WSG AG, as well as a group of Swiss angel investors. Silicon Valley angel investor and Netlify founder Christian Bach also participated in the round.
This funding emphasises the growing interest in Borobotics’ innovative drilling technology, which is more efficient, quieter and more environmentally friendly than conventional methods. Utilising a space and energy efficient design, the new technology enables fully automated drilling. In this way, Borobotics aims to lower the barriers to the use of geothermal energy in urban areas and contribute to the heat transition.
