WiTricity Secures Additional $25 Million in Funding to Bolster Strategy for Global Wireless Power Leadership

  WiTricity Secures Additional $25 Million in Funding to Bolster Strategy for
  Global Wireless Power Leadership

           Intel Capital, Foxconn among investors in Series E round

Business Wire

WATERTOWN, Mass. -- October 23, 2013

WiTricity, the industry pioneer in highly resonant wireless power transfer
over distance, announced today it has secured $25 million in Series E
financing from new and existing investors, including Intel Capital and Hon
Hai/Foxconn, one of the world’s largest consumer electronics manufacturers.
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’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 2016^1. As the inventor of Highly Resonant Wireless
Power Transfer, WiTricity is poised to capture that market through existing
and new partnerships with major manufacturers including Audi, Mitsubishi,
Delphi, Haier, IHI, MediaTek and Thoratec.

With this infusion of $25 million, WiTricity’s investment funding now totals
$45 million. In addition, the company recently secured its 50^th patent,
positioning it even more strongly for growth and success in the global market.

About WiTricity

WiTricity is the industry leader in wireless electricity delivered over
distance. The company was founded in 2007 to commercialize an exciting new
technology for wireless electricity. With a growing list of global clients in
industries including consumer electronics, automotive, medical devices and
defense, WiTricity has emerged as the leader for IP and expertise in highly
resonant wireless power transfer. For more information, visit
www.witricity.com. Follow WiTricity on Facebook, Twitter, LinkedIn and
YouTube.

^1 Source:
http://imsresearch.com/press-release/Global_Wireless_Power_Market_Will_See_865_Percent_Annual_Growth_to_Reach_45_Billion_in_2016_Forecasts_IMS_Research

Contact:

For WiTricity
Meghan Gardner, 857-222-2864
mgardner@v2comms.com
@meghangardner
or
WiTricity
David Schatz, 617-926-2700
david.schatz@witricity.com
 
Press spacebar to pause and continue. Press esc to stop.