SEP Backs Powervation

Intel Capital, Venture Tech Alliance and Fourth Level Ventures join in Venture capital firm SEP has invested US$10m in integrated circuit solution provider, Powervation. Other investors in Powervation included Intel Capital, Venture Tech Alliance and Fourth Level Ventures.

Based in Palo Alto, California and Limerick, Ireland, Powervation previously raised US $10m in series A funding in December 2007, bringing total venture capital raised to US $20m since its founding in 2006.

The company will use the funds to broaden its sales, marketing and operations, infrastructure and advance its R&D initiatives. The new financing follows the launch of Powervationʼs first product, the PV3002 which aids the design of complex electronic systems used in computing, communications, data storage and consumer applications.

The main benefit is energy savings of up to 30%. Chief executive of Powervation, Antoin Russell said: "Having hit the 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."