Valence Technology Inc. (Austin, TX) has secured an additional $20 million in funding from its biggest shareholder, Silicon Valley investor Carl Berg. Berg will provide the funding in the form of equity or a secured loan on terms to be negotiated. This round of funding is on top of $20 million Berg agreed to provide last June.
Berg, a real estate developer and private investor, helped found Valence in 1989 and has served on its board since 1991. As of last September, he and his affiliates controlled 48% of Valence's common stock, according to a filing with the US Securities and Exchange Commission. On May 26, West Coast Venture Capital Inc. bought $2 million worth of the common stock of Valence, according to an SEC filing. That represented the seventh funding as part of the previous $20 million equity commitment made by Berg & Berg Enterprises LLC, an affiliate of Carl Berg, who is president and controlling stockholder of West Coast Venture Capital.
