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Powervation Raises $10 Million in Additional Financing
Jul 29, 2009 (03:07 PM EDT)
PALO ALTO, Calif. and LIMERICK, Ireland, July 29 /PRNewswire/ -- HASH(0x163d330) HASH(0x12d1430) HASH(0x16b1780) HASH(0x16b4dd0) HASH(0x165abf0) , a leading provider of integrated circuit (IC) solutions for energy control and management in information processing systems, today 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 , , and .
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 HASH(0x16b4230) --a move that brings fully automatic adaptive control to DC/DC conversion for the first time. Central to the IC is Auto-control(TM), a unique algorithm that monitors output voltage on a cycle-by-cycle basis and automatically compensates for variations in line, load, capacitance and inductance. 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 percent. It also reduces design time--from weeks to days--and cuts total system cost of ownership by more than 30 percent.
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," concluded Russell.
Powervation provides a new class of Auto-control(TM) digital power IC solutions that optimize power-supply performance and efficiencies for manufacturers of electronic systems used in Computing, Networking and Storage applications. In a simple yet revolutionary Plug-and-Power(TM) package, the company's unique technology delivers a reliable, scalable solution that reduces design complexity and cost, and accelerates time-to-market of eco power-smart systems. Powervation maintains corporate offices in Limerick, Ireland, Palo Alto, Calif. and Taipei, Taiwan. To learn more, please visit HASH(0x16ab7a0)
Auto-control(TM) and Plug-and-Power(TM) are trademarked by Powervation.
CONTACT: Corporate, Benoit Herve, Vice President, Marketing of firstname.lastname@example.orgPowervation, +1-650-996-4003, ; or Media, JaneEvans-Ryan of Genuity PR, +1-408-489-6391, , forPowervation
Web site: http://www.powervation.com/