Semiconductor technology providers Intel and Semtech exited Ireland-based digital power technology developer Powervation yesterday when it was acquired by another semiconductor company, Rohm, for $70m in cash.
Established in 2006, Powervation has developed integrated circuits that facilitate digital power management for cloud computing, communications and high-performance systems. The circuits also provide significant energy savings of up to 30% compared to analogue products.
Rohm expects the acquisition to help it gain traction in the cloud, data centre and communications infrastructures markets, as the company has so far focused primarily on the consumer, automotive and industrial sectors.
The company is set to provide further funding for Powervation in order to advance development of its technology, though no details have yet been disclosed.
Powervation had raised about $37 in equity funding and $3m in debt prior to the acquisition.
Semtech and Intel Capital, Intel’s corporate venturing unit, most recently contributed to a $7m round raised in December 2014 that included Scottish Equity Partners, Braemar Energy Ventures, VentureTech, 4th Level Ventures and Ares Capital Corporation.
Intel Capital had previously taken part in Powervation’s $10m series B round in 2009, and was joined by Semtech for the company’s $7m series C round in 2012 and a $5.5m round in February 2014.
Powervation’s technology is based on research conducted at University of Limerick’s Circuits and Systems Research Centre since 2001, where it benefited from research funding from state-owned development agency Enterprise Ireland.
– This article was adapted from an earlier story on our sister site, Global University Venturing.