News

WiTricity Secures $25 Million to Bolster Strategy for Wireless Power Leadership

October 23, 2013 by Jeff Shepard

WiTricity Corp. has secured $25 million in Series E financing from new and existing investors, including Intel Capital and Hon Hai/Foxconn. The funding will support the company’s growth strategy as it further develops designs and products for wireless charging in the consumer electronics, electric vehicles, defense and medical device industries, as well as allowing WiTricity to pursue other strategic growth opportunities in the wireless power field. With this infusion of $25 million, WiTricity’s investment funding now totals $45 million. In addition, the company recently secured its 50th patent, positioning it even more strongly for growth and success in the global market.

“WiTricity’s vision is to usher in a world where wireless power is so ubiquitous, you never have to think about plugging in again,” said WiTricity CEO Eric Giler. “In securing this funding from our investors we are even more effectively positioned to fulfill that vision and deliver game-changing wireless technology to partners and customers around the globe.”

The announcement marks the next phase in WiTricity’s continued growth as a leader in the wireless power space. According to analyst firm IMS Research, the global market for wireless power will grow 86.5 percent annually to be worth $4.5 billion in 2016. As the inventor of Highly Resonant Wireless Power Transfer, WiTricity expects to capture that market through existing and new partnerships with major manufacturers including Audi, Mitsubishi, Delphi, Haier, IHI, MediaTek and Thoratec.