Arm, a Nasdaq and London-listed chip company, and a venture arm of financial services firm Fidelity International have led a $7m fundraising by UK-based smart grid company Amantys.
Moonray Investors, which invests using fidelity’s balance sheet after the group spun off its previous corporate venturing unit Fidelity Ventures to form Volition Capital last year, has also bought the remaining "external" minority stakes in the company, as well as co-leading the round, Amantys said. IP Group joined Amantys’ founders in a $1m seed round last year, news provider EE Times said. This means Amantys has raised $8m in total.
Bruce Beckloff, ARM’s vice-president of corporate business development, according to EE Times, said: "The high-calibre Amantys founding team is well-placed to deliver a disruptive solution to address the problem of efficiency losses. We believe power efficiency needs to be tackled across the power supply-chain and not just at the device level and ARM has been impressed with what the team has achieved."