WiTricity secures $25M in funding to advance wireless charging
24 October 2013
WiTricity 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.
WiTricity was founded in 2007 to commercialize Highly Resonant Wireless Power Transfer technology. With this infusion of $25 million, WiTricity’s investment funding now totals $45 million. In addition, the company recently secured its 50th patent.
According to analyst firm IMS Research, the global market for wireless power will grow 86.5% annually to be worth $4.5 billion in 2016. WiTricity has already established partnerships with major manufacturers including Audi, Mitsubishi, Delphi, Haier, IHI, MediaTek and Thoratec.
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