Green Plug Announces Series C Investment Round - Fueling Development of Next-Gen Power Devices
Green Plug announced that it has completed a Series C investment round. Leading the round was U.K.-based strategic investor Imagination Technologies Group plc, joined by longtime institutional investors Herald Ventures and Killik & Co., both of London; and Peninsula Ventures of Redwood City, Calif. The amount of the investment was not disclosed. Green Plug will use the investment proceeds to advance both the state of the art and the state of the market for programmable power controllers, where extreme price sensitivity has effectively stymied major leaps forward.
"With the Series C round, our upward trajectory continues" said Frank P. Paniagua, Jr., founder and CEO, Green Plug. "We've been able to pivot to where the market is, even as we anticipated and shaped that market. Our current investors have exhibited great confidence in our direction and our vision, with a 12 percent boost over our Series B round. Our goal is to become the IP leader in our space, delivering on the promise of bringing innovative and affordable solutions for AC-DC power devices, integrated wireless power and eventually, when the market is right, Smart Grid connectivity."
Green Plug incorporated in 2006 and participated in DEMO 2008, where Paniagua was named a"DEMO god." The company remains committed to bringing advanced mixed-signal technology and innovation to a mature and largely static product space -- the ubiquitous power adapter bundled with nearly every consumer electronic device -- and has silicon-proven technology with working demo. Today, the company's technology is aimed at making it easier for the world's leading power chip vendors to develop more complex, real-world control capabilities for a broad range of electronic products.