LONDON Powervation Ltd. (Limerick Ireland) a provider of digital control ICs for power supplies, has said it has obtained additional funding from Braemar Energy Ventures of New York.
Braemar joins existing investors, Scottish Equity Partners, Intel Capital, VentureTech Alliance and 4th Level Ventures.
Powervation did not disclose how much it has received at this time but Jiong Ma, principal with Braemar Energy Ventures, will assume a seat on Powervation's board of directors. Typically a venture capital company demands a seat on the board of a startup as and when it has taken significant minority position in a company.
Braemar's investment coincides with accelerating design wins for Powervation's first digital power-conversion IC; the PV3002, Powervation said. When compared to traditional power-conversion technologies, the PV3002 delivers system energy savings of up to 30 percent, along with other important performance benefits.
"The simple and efficient design of Powervation's digital controllers monitor voltage, thus lowering power usage and filling a pressing need in computing and communications," said Ma, in a statement issued by Powervation.
Powervation's chief executive officer, Antoin Russell, said, "Despite the weakness in capital markets, technology opportunities in the energy sector continue to hold appeal."