WiTricity, a US-based provider of wireless energy transfer technology, has raised $34m from investors including Mitsubishi Corporation (Americas), a subsidiary of Japan-headquartered conglomerate Mitsubishi.
The round was led by venture capital firm Stage 1 Ventures and also featured an Air Waves Wireless Electricity, a vehicle for Kenneth Horowitz, co-founder of cellular frequency licensor Cellular One.
Founded in 2007 as a spinout from Massachusetts Institute of Technology (MIT), WiTricity has developed wireless electric vehicle charging technology that uses magnetic resonance.
The funding will be used to further develop and commercialise the company’s technology and expand its intellectual property following its acquisition of mobile chipmaker Qualcomm’s Halo charging technology through a February 2019 all-stock deal.
Stata Venture Partners contributed to a $1.9m round for WiTricity in 2007 before joining Argonaut Private Equity for a $4m round the following year.
The company added $25m in a 2013 series E round featuring manufacturing services provider Foxconn and Intel Capital, the corporate venturing arm of semiconductor and data technology producer Intel, it said took its total funding at the time to $45m.
Haiyin Capital invested an undisclosed amount in WiTricity in 2015, and its website lists carmaker Toyota, appliance producer Haier, power equipment maker Delta, oil and gas technology maker Schlumberger, conglomerate Omar Zawawi Group, manufacturing services provider Systech and Chartline Capital Partners as investors.
