Los Angeles-based wireless power firm uBeam has closed $10 million in Series A funding. Upfront Ventures led the round with participation from previous backers Andreessen Horowitz, Mark Cuban and Ludlow Ventures. In conjunction with the funding, uBeam has added Mark Suster of Upfront Ventures and Katie McMahon of SoundHound to its board of directors. According to the firm, the financing will be used for product development and to expand the firm’s engineering team.
LOS ANGELES — Oct. 30, 2014 — uBeam, the wireless power company, today announced the completion of a $10 million Series A financing led by Upfront Ventures, Los Angeles’ largest venture capital fund. The round also includes participation from existing investors Andreessen Horowitz, Mark Cuban and Ludlow Ventures. The capital will be used to expand the engineering team and accelerate product development.
Mark Suster, managing partner, Upfront Ventures, and Katie McMahon, vice president & general manager, SoundHound, have joined the board of directors.
“uBeam’s wireless power technology can charge devices at great distances, while remaining safe, cost-effective and compact,” said Meredith Perry, founder and CEO, uBeam. “We will start with mobile phones, but the potential is limitless – everything from hearing aids to wearables, laptops or flat screen TVs. uBeam literally has the power to untether the physical devices that have become indispensable to our daily lives.”
“Meredith’s company represents one of the most ambitious and exciting projects I have come across in years,” said Suster. “Every person who has seen it demoed has asked if they can have one tomorrow. We have an amazing engineering team who have cracked the code on remote charging.”
uBeam transmits power over the air to charge electronic devices wirelessly. Called “Wi-Fi for energy,” uBeam is bringing a Wi-Fi like experience for charging to the consumer market. The company was founded in 2011 by Meredith Perry while studying at the University of Pennsylvania, where she won the University’s annual invention competition, PennVention. The company is headquartered in Santa Monica, CA with a R&D/production facility in Ashburn, VA. For more information, please visit www.ubeam.com.
About Upfront Ventures
Upfront Ventures is the largest and longest-serving venture capital fund in Los Angeles having invested more than $1 billion since 1996 in companies such as Maker Studios, TrueCar and Overture. While Upfront is a national investment firm, it invests at least 50% of its capital in Southern California based technology companies from San Diego to Santa Barbara.