iWatt Raises $12.4 Million In Series E Financing
iWatt, Inc., a leader in digital power IC and Systems products and technology, announced the closing of a $12.4 Million Series E financing round, led by a strategic investor. Existing investors VantagePoint Venture Partners, Sigma Partners and Horizon Ventures, as well as several private investors, also participated in the round. The funding will be used to enhance the company’s working capital to facilitate the rapid growth of its green technology products focused on ac-dc and dc-dc applications.
iWatt states that it has been a pioneer in digital control technology for ac-dc power supplies such as cell phone chargers. The company claims that it was the first to patent and implement digital primary-side feedback which is said to improve efficiency and to eliminate expensive components, thereby reducing the overall cost of a typical charger.
"iWatt’s mixed signal semiconductors and modules meet the world’s need for more energy efficient ac-dc and dc-dc applications," said Ron Edgerton, President and CEO of iWatt. "Bringing high-efficiency, high quality products to market that meet the increasing demand for highly efficient power management applications set the stage for iWatt to capitalize on its patented, industry-leading technologies."
"iWatt’s rapid growth would not be possible without the support of key suppliers. iWatt thanks UMC, Unisem, Sanmina and others for providing outstanding support during this period of rapid growth," continued Edgerton. "This support will allow iWatt to dramatically expand its manufacturing capacities in the near future and achieve the level of supply necessary to meet iWatt’s demand growth. The Series E funding ensures the continued rapid expansion of our ability to meet our customers’ demands."