Micro Power Secures $9 Million in New Funding

May 09, 2004 by Jeff Shepard

Micro Power Electronics Inc. (Hillsboro, OR) announced that it secured $9 million in new funding from venture capital firm Sierra Ventures and Silicon Valley Bank, the primary subsidiary of Silicon Valley Bancshares. The investment will enable Micro Power to accelerate its national expansion and broaden its research and development efforts to meet the growing power requirements in the portable medical, rugged hand-held computing and field instrument markets.

"Power has become the limiting factor in the development of new-generation mobile devices, fueling the need for high-performance battery systems that are optimally designed and manufactured for the target device," said Jeff Drazan, general partner for Sierra Ventures. "The investment we made in Micro Power reflects our confidence that the company is in a unique leadership position as the market transitions beyond an assembly industry to a high-value design and manufacturing industry. Micro Power's sound market strategy coupled with its diverse management team, advanced development processes and years of battery application experience makes this an extremely appealing venture."