Powervation Secures Funding From New Investor Braemar Energy Ventures
Powervation announced that it has secured new funding from Braemar Energy Ventures. Braemar joins existing investors, SEP, Intel Capital, VentureTech Alliance and 4th Level Ventures. Jiong Ma, Ph.D., principal, Braemar Energy Ventures, will assume a seat on Powervation’s Board of Directors. The new funds will be used to support Powervation’s continued growth.
Braemar’s investment coincides with accelerating design wins for Powervation’s first digital power-conversion IC – the PV3002. The chip is used in complex electronic systems that form the backbone of Computing, Networking and Storage applications. When compared to traditional power-conversion technologies, the PV3002 delivers system energy savings of up to 30%, along with other important performance benefits.
Power electronics market research firm, Darnell Group, predicts that digital power controllers will grow to a 30% market share by 2013, and that cumulative shipments by 2010 will have reached 5 billion units.
"Braemar invests in companies that promote a more efficient energy landscape through innovation," said Dr. Ma. "The simple and efficient design of Powervation’s digital controllers monitor voltage, thus lowering power usage and filling a pressing need in computing and communications."
Powervation’s Chief Executive Officer, Antoin Russell, said, "Despite the weakness in capital markets, technology opportunities in the energy sector continue to hold appeal. The addition of Braemar Energy Ventures, a tier-one energy technology venture fund to our syndicate, represents a major endorsement of our technology positioning and customer traction."