US-based wireless equipment company Semtech Corporation has helped Ireland-based digital power company Powervation raise $7m.
The company was joined in the series C round by Intel Capital, the corporate venturing unit of US-based semiconductor company Intel as well as venture firms SEP, VentureTech Alliance and Braemar Energy Ventures.
Powervation said the round would allow it to expand sales channels and strengthen applications engineering including establishing a facility in Taiwan.
Enterprise Ireland joined the funding round with a research and development investment, allowing Powervation to strengthen its design team in Cork.
In 2009, Powervation secured an undisclosed investment from Braemar. In 2007, Powervation was backed in an A round jointly led by Intel Capital and SEP, with backing from Venture Tech Alliance, 4th Level Ventures and government investor Enterprise Ireland, according to news provider Powerpulse. Powervation was a spin-out from the Circuits & Systems Research Centre at University of Limerick and was founded in 2006.
Damien Callaghan, investment director of Intel Capital, said: “Powervation’s singular focus on realising the opportunity of digital power management is one that we are glad to further invest in. Their digital controllers also support the Intel© VR12.x specification which requires a highly flexible architecture aimed at delivering system performance and efficiency gains.”
Mike McAuliffe, chief executive of Powervation, said: “We are delighted by the strong backing of our investor group and to have Semtech Corporation on-board as a strategic investor, as they are a market leader in silicon solutions for the high performance communications and computing markets. These investments endorse our progress with key customers and our business potential as we deliver the unique benefits of our Intelligent Digital Power™ platform to the wider market. We have strong momentum in the communication and module spaces and are excited by the early adoption of our new PV3201 Intel© VR12.x DDR controller series by leading Server/Computing OEMs. This funding round will help fuel that market momentum and enable us to accelerate our commercial build-out as a company.”