Powervation Raises \$10 Million in Additional Financing
Powervation announced that it has secured $10 million in additional financing. The funds will be used to broaden Powervation's global sales, marketing and operations infrastructure, and further advance its R&D initiatives. Participants in the round include SEP, Intel Capital, Venture Tech Alliance and Fourth Level Ventures.
When combined with the $10 million in Series A funding raised in December 2007, Powervation has secured more than $20 million since its inception in 2006.
The funding follows last month's launch of Powervation's first digital power-conversion IC – the PV3002 – a move that brings fully automatic adaptive control to dc-dc conversion for the first time. Central to the IC is Auto-Control®, a unique algorithm that monitors output voltage on a cycle-by-cycle basis and automatically compensates for variations in line, load, capacitance and inductance. According to the company, for designers of complex electronic systems used in computing, networking and storage applications, this innovation means better system efficiency and performance, and energy savings of up to 30%. It also reduces design time – from weeks to days – and cuts total system cost of ownership by more than 30%.
Powervation's Chief Executive Officer, Antoin Russell, said, "Having hit key technology milestones and now, commercialized our first product, we're gratified that our investors continue to champion our efforts, especially in today's challenging environment. Optimizing energy management in advanced electronics systems has become a corporate imperative for manufacturers of these products, not just to meet their aggressive eco-priorities, but also to deliver the most economically efficient products to their customers. We're excited to enable their efforts with a technology that transforms how energy is delivered and managed within these products. We appreciate our investors' confidence in our execution and we value their contribution as we continue to build a strong technology company."