Micro Power Receives $5 Million in Second Round Funding

Micro Power Electronics Inc. (Hillsboro, OR) announced that it has received $5 million in a second round of venture capital investment. In May, Micro Power received $9 million in venture funding, bringing total venture investment to $14 million in less than six months. Palisades Ventures (Los Angeles, CA) was lead investor in the second round, and was joined by Sierra Ventures (Menlo Park, CA), which was the lead investor in the May round.

"Existing shareholders benefited from an increase in valuation for the company," said Micro Power CEO Greg Love. "This valuation increase was based upon Micro Power’s expanding customer base, 50% increase in annual revenue and enhanced technical capabilities. This investment will help Micro Power further expand its national sales operations, make strategic additions to its engineering and marketing teams, double existing product integration capabilities, and strengthen the company’s capabilities in charger technology."