US-based wireless technology developer UBeam has received $10m in convertible note financing from investors including WME Ventures, the investment vehicle of talent agency William Morris Endeavor, TechCrunch reported yesterday.
Several private investors also contributed capital to the round. Sources told TechCrunch in April that UBeam planned to raise up to $50m in a series B roundvalue it at $500m.
Coffee chain Starbucks, airline Virgin Airlines, hotel operator Starwood Hotels and several fast food companies are also in talks to invest in UBeam, according to TechCrunch.
UBeam has developed technology that wirelessly charges multiple phones within a 15-foot radius using ultrasound. The company expects to begin mass production in the near future.
Upfront Ventures previously led a $10m series A round for UBeam in October 2014 that featured Andreessen Horowitz, Founders Fund, Ludlow Ventures, CrunchFund and assorted angel investors.
UBeam raised $3.2m in debt and equity through 2013 from investors including .Andreessen Horowitz, Ludlow and CrunchFund.