Green Plug Announces Series C Investment Round, Fueling Development of
Next-Gen Power Devices
Strategic Investor Imagination Technologies Leads Round, Joined by Current
Institutional Investors Peninsula Ventures, Herald and Killik
2013 International CES
SAN RAMON, Calif. -- December 11, 2012
Green Plug (www.greenplug.com), the first company to bring fully programmable
mixed-signal controllers to the high volume AC-DC power converter market,
announced today that it has completed a Series C investment round.
Leading the round was U.K.-based strategic investor Imagination Technologies
Group plc(LSE:IMG), joined by longtime institutional investors Herald
Ventures and Killik & Co., both of London; and Peninsula Ventures of Redwood
City, Calif. The amount of the investment was not disclosed.
Green Plug will use the investment proceeds to advance both the state of the
art and the state of the market for programmable power controllers, where
extreme price sensitivity has effectively stymied major leaps forward.
“With the Series C round, our upward trajectory continues,” said Frank P.
Paniagua, Jr., founder and CEO, Green Plug. “We’ve been able to pivot to where
the market is, even as we anticipated and shaped that market. Our current
investors have exhibited great confidence in our direction and our vision,
with a 12 percent boost over our Series B round. Our goal is to become the IP
leader in our space, delivering on the promise of bringing innovative and
affordable solutions for AC-DC power devices, integrated wireless power and
eventually, when the market is right, Smart Grid connectivity.”
Green Plug incorporated in 2006 and participated in DEMO 2008, where Paniagua
was named a “DEMO god.” The company remains committed to bringing advanced
mixed-signal technology and innovation to a mature and largely static product
space – the ubiquitous power adapter bundled with nearly every consumer
electronic device – and has silicon-proven technology with working demo.
Today, the company’s technology is aimed at making it easier for the world’s
leading power chip vendors to develop more complex, real-world control
capabilities for a broad range of electronic products.
About Green Plug
Green Plug (www.GreenPlug.com) develops and licenses innovative technology
that enables consumer electronics manufacturers to upgrade from traditional
analog-controlled power adapters to “smart” digitally controlled systems that
save power and dramatically speed product design and development. Green Plug
is the first company to offer real-time programmable control for multiple
control algorithms in a single-chip package at a cost-neutral price point,
thus eliminating the major barrier to adoption in consumer AC-DC power
converters. The company’s patented mixed-signal technology provides
unprecedented flexibility in design through software programming and also
enables communication between electronic devices and their power sources – an
important precursor to developing power products that leverage the Smart Grid.
Founded in 2006, Green Plug is privately held and headquartered in San Ramon,
Edge Communications, Inc.
Ken Greenberg, 323-469-3397
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