Chicago-based NuCurrent, a provider of wireless power antenna technology, has closed $3.48 million in Series A funding. The investors included Independence Equity and Hyde Park Angels.
(CHICAGO – Oct. 21, 2014) – NuCurrent, a leader in wireless power antenna technology, announces that the company has raised $3.48 million in a Series A round of funding from Independence Equity, Hyde Park Angels, Harvard Business School Angels, a strategic corporate investor who cannot yet be named and existing investors. NuCurrent will leverage the new round of funding to accelerate commercial development and increase the company’s global market share.
According to IHS Technology, revenue from shipments of wireless power transmitters and receivers will expand to $8.5 billion in 2018, up from just $216 million in 2013. As the space continues to rapidly expand, electronic device OEMs and integrators continue to turn to NuCurrent to help build in efficient wireless power capabilities into accessories, smartphones, cars and the places people visit every day like the coffee shop and office. With NuCurrent’s technology, consumer products benefit from improved simultaneous charging of multiple devices with different power requirements, by simply placing them on the furniture, work surface, auto console, or walls without any cords. NuCurrent’s antennas make it possible for consumer electronics devices to charge with greater efficiency, increased distance, superior alignment flexibility, lower heating, and faster charge times.
“Since founding NuCurrent, a variety of companies have validated our technology and selected it for inclusion in their products and this financing enables us to leverage the technological strength and focus on increasing market penetration” said Jacob Babcock, CEO, NuCurrent. “Our investor team has the proven ability to identify significant industry trends like wireless charging and help entrepreneurs translate those trends into category-defining global businesses. The insight and experience of our investor team will be invaluable as we scale NuCurrent.”
“Wireless power is rapidly being engineered into a broader range of consumer and business products from hand-held electronics to furniture to medical devices, all of which will enhance our daily lives and empower business,” said Donald Sackman, managing partner, Independence Equity. “NuCurrent, with its proprietary and state-of-the-art capabilities in antenna design, will be a key enabler in the adoption process, and we are pleased that the Independence Equity Fund is able to partner the NuCurrent team in this endeavor.”
“In a wireless charging market that continues to explode, NuCurrent’s highly efficient antennas are ideal for enabling wireless power transmission for today’s mobile electronic devices,” said Christopher Jensen, managing principal of Anderson Pacific Corporation and member of Hyde Park Angels. “With such a compelling value-add for electronics manufacturers, we’re convinced that NuCurrent’s technology and outstanding team will play a key role in driving adoption for wireless charging in consumer electronics.”
NuCurrent’s high-efficiency resonators were recently selected for the first commercially available Alliance for Wireless Power (A4WP) certified products. Already supporting solutions across Wireless Power Consortium (Qi) and Power Matters Alliance (PMA) standards, NuCurrent resonators now enable Gill Electronics Inc.’s newly-introduced TesLink™ Through Surface Transmitter, the first commercial product in support of the A4WP RezenceTM standard. NuCurrent’s high-efficiency antennas were also selected as the Wireless Power Consortium’s standard antenna for in-car charging (i.e. charging a mobile phone by placing it on the center armrest of a car).
To learn more about NuCurrent, please contact email@example.com or visit http://nucurrent.com.
NuCurrent is a leading developer of high-efficiency antennas for wireless power applications. Compliant across Alliance for Wireless Power (A4WP), Wireless Power Consortium (Qi) and Power Matters Alliance (PMA) standards, NuCurrent works closely with electronic device OEMs and integrators to custom-design, rapid-prototype and integrate the optimal antenna for a broad range of applications. NuCurrent’s patented designs, structures and manufacturing techniques mitigate typical high frequency effects, offering higher efficiency, smaller sizes, higher durability and lower cost with wireless power application development. For more information, visit http://nucurrent.com.