Powervation raises a further $10M

Funding

Powervation of Limerick, Ireland, which is developing integrated circuits for energy control and management in information processing systems, has secured a further $10 million in additional financing. The funds will be used to broaden Powervation’s global sales, marketing and operations infrastructure, and further advance its R&D. Participants in the round include Scottish Equity Partners, Intel Capital, Venture Tech Alliance and Fourth Level Ventures. This brings total funds raised by the company since its formation in December 2007 to $20 million.

The new funding follows the launch last month of Powervation’s first digital power-conversion IC, the PV3002, which it says will bring fully automatic adaptive control to DC/DC conversion for the first time. Central to the IC is Auto-control, an algorithm that monitors output voltage on a cycle-by-cycle basis and automatically compensates for variations in line, load, capacitance and inductance.

For designers of electronic systems used in computing, networking and storage applications, this means better system efficiency and performance, and energy savings of up to 30 per cent. It also reduces design time from weeks to days and cuts total system cost of ownership by more than 30 per cent, according to the company.

Powervation’s chief executive officer, Antoin Russell, said, “Having hit key technology milestones and now, commercialised our first product, we’re gratified that our investors continue to champion our efforts, especially in today’s challenging environment. Optimising energy management in advanced electronics systems has become a corporate imperative for manufacturers of these products, not just to meet their aggressive eco-priorities, but also to deliver the most economically efficient products to their customers.”