Power Paper Completes $15M Fundraising Round
Power Paper Ltd. (Tel Aviv, Israel), a provider of thin and flexible micro-power source technology and devices, announced that it has completed a $15 million fundraising round, the company’s fourth round of financing. Investor Amadeus Capital Partners Ltd. (UK) led the financing round, which also included investments from Banc America Capital Partners (US), the PolyTechnos Funds (Germany), Millenium Materials Technologies Funds (Israel), Toppan Forms (Japan), Yasuda Enterprise Development Co. (Japan) and other current shareholders.
The current cash infusion of $12 million is an extension of a $3 million financing announced in October 2002, bringing the total Series D round to $15 million. Power Paper plans to use the funds to expand the operations of its four divisions – PowerNovelties™, PowerCosmetics™, PowerID™, and PowerInks™ – and to develop new complementary and synergetic business lines, such as medical applications and other applications using next-generation smart materials.