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Irish startup closes VC funding led by Intel

Posted: 07 Jan 2008     Print Version  Bookmark and Share

Keywords:venture capital  startup  funding 

Irish startup Powervation Ltd has closed a Rs.39.48 crore ($10 million) Series A round of venture capital funding led by Intel Capital and Scottish Equity Partners with Venture Tech Alliance and follow on investment from local seed funding provider Fourth Level Ventures.

A spin-out from the Circuits & Systems Research Centre (CSRC) at the University of Limerick in 2006, the company said it would use the money to take to market digital energy control chips and software that are in development and to expand its sales and marketing presence in the United States and Asia.

Powervation is working on a digital chip that can control the amount of energy supplied to microprocessors in servers and other computing, networking, telecommunications, storage and industrial markets. Digital control is set to displace incumbent analogue-based control, according to Powervation.

The core technology was developed at the CSRC, where applied research in the area has been ongoing since 2001.

"Following our first round of fundraising in 2006 and the very positive customer reaction to our products and technologies, we received significant investor interest in our company," said Antoin Russell, CEO of Powervation, in a statement.

- Peter Clarke
EE Times-Europe

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