Avogy, a US-based developer of energy efficient power conversion systems, secured $40m yesterday in a series B round led by Intel Capital, the corporate venturing arm of semiconductor producer Intel.
The round also featured venture capital firm Khosla Ventures, already an investor in Avogy. Intel Capitals’s managing director Ramamurthy Sivakumar and director Stephen Saltzman led the investment for the unit.
Avogy specialises in power conversion systems that are more energy efficient, and which have a lower cost, size and weight than conventional systems. It will invest the series B cash in further developing its semiconductor and systems technology.
Arvind Sodhani, President of Intel Capital, said: “Avogy has demonstrated new technology that dramatically reduces the cost, size and weight of power systems, which will benefit consumers.
“The company’s products are a strategic fit for a broad range of Intel platforms, including Ultrabooks, all-in-ones and workstations.”
Dinesh Ramanathan, Avogy’s chief executive, said the company plans to add additional strategic partners to Intel as it seeks to explore a variety of market segments.