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IPS raises $13 Million in series B funding
By siliconindia
Littleton: Infinite Power Solutions (IPS), which develop and commercialize solid-state, rechargeable thin-film batteries, has completed its series B round of financing, raising $13 million in new capital to fund the ramp to volume production of its new Thinergy micro-energy cell (MEC) product family.
This recent financing augments the $35.7 million IPS raised in 2006 during its Series A round, which was used for the construction and build-out of the world's first facility for volume manufacturing of solid-state, rechargeable thin-film batteries. Completed this year, this new facility will begin initial production shipments to customers this month.
Existing financial investors D. E. Shaw Ventures and Polaris Venture Partners led the Series B round, and were joined by the company's other existing investors Core Capital Partners, Applied Ventures (the venture capital arm of Applied Materials) and In-Q-Tel, along with a new, unnamed strategic investor.
Based on the strength of its innovative technology and products, IPS has earned the distinction of being the recipient of the largest private equity investment for any new thin-film micro-battery technology over the past decade.