US-based WiTricity Corporation, a company that provides technology to enable wireless power transfer over distance using magnetic resonance, raised an additional US$ 18M to its previously announced October fundraise of $34 million.
Investors: The additional funding included investments from Tony Fadell’s Future Shape and other private investors. Fadell will join WiTricity’s newly formed Board of Advisors. The first tranche of US$ 34 million was led by Stage 1 Ventures with participation from Air Waves Wireless Electricity and Mitsubishi Corporation through U.S. subsidiary Mitsubishi Corporation (America). The new advisory board consists of Dr. Grant Covic, Tony Fadell, Bill Merritt, Dr. Marin Soljačić. The total funds raised by WiTricity stands at US$ 70M.
About WiTricity Corporation
Founded in 2007 by Andre Kurs, Marin Soljacic and Peter H. Fisher, WiTricity Corp. has commercialized an exciting new technology for wireless electricity invented two years earlier at the Massachusetts Institute of Technology (MIT). WiTricity is a global industry leader in wireless charging and powering a sustainable future of mobility that is electric and autonomous. Its patented magnetic resonance technology has been incorporated into global automakers’ and Tier 1 suppliers’ EV roadmaps. The dynamic charging of moving vehicles, autonomous robots and vehicles, are all depending on WiTricity technology.
Some of the top automakers and their Tier 1 suppliers including TDK, IHI, Shindengen, Daihen, Aptiv, Anjie Wireless, Yura, VIE, Green Power, Toyota and Mahle use WiTricity’s technology, Their technology has been incorporated by McLaren’s Speedtail Hyper-GT and the BMW 530e iPerformance.
What the CEO has to say: “The investments enable WiTricity to capitalize on the incredible commercial momentum for electric vehicle adoption globally. With the global standard set for EV wireless charging, and automaker launches imminent, wireless charging should become a primary feature of EVs coming to market in the next design cycle. As you layer in the growing demand for autonomy in both transportation and industrial settings, wireless charging will become not just a convenience, but a key component of mobility. As we ready for mass-market adoption, we’re excited to bring on a Board of Advisors who bring important insights and opportunities to WiTricity.” — Alex Gruzen, WiTricity CEO.
What the investors have to say: “With EVs we traded pumping gas with a dirty, heavy hose for pumping electrons with a dirty, heavy charging cable? That’s not revolutionary! Why can’t you just park anywhere—at home, at work, out shopping—and charge without plugging in?! WiTricity has created the global standard for high-efficiency wireless charging. WiTricity’s patented tech is being deployed worldwide in cars, buses, bikes, and robots.” — Tony Fadell, Principal at Future Shape.
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