PsiKick said Wednesday that it raised $16.5 million in Series B financing led by Osage University Partners. Also participating were existing investors New Enterprise Associates, the University of Michigan Investment in New Technologies Fund (MINTS), as well as individual angels. PsiKick, of Santa Clara, California, is developing wireless, self-powering Internet of Things systems.
SANTA CLARA, Calif.–(BUSINESS WIRE)–PsiKick, the self-powering Internet of Things (IoT) systems company, today announces a $16.5M Series B financing, led by Osage University Partners and joined by existing investors New Enterprise Associates (NEA), the University of Michigan Investment in New Technologies Fund (MINTS), as well as individual angels. This brings total funding raised by the Company to over $22M.
“Prior to Series B, PsiKick created a platform of fundamental technologies for wireless devices that are entirely self-powered,” said Brendan Richardson, CEO of PsiKick. “We solved some pretty big challenges that have limited the reach of IoT devices and systems. Those building blocks include the world’s most efficient wireless connectivity, robust node computation and energy harvesting to enable a highly scalable batteryless IoT. This Series B financing will allow us to continue hiring leading IoT engineering talent and developing completely batteryless systems based on these fundamental technologies. We’re solving high impact problems that can’t be solved today.”
“We’ve been really impressed with PsiKick’s technology for some time now,” said Marc Singer, Managing Partner of Osage University Partners. “The company’s vision for the next wave of computing and the IoT is incredibly exciting and PsiKick’s self-powered wireless sensor systems will be fundamental to achieving the full promise of the IoT.”
“We’ve looked at just about everything that has to do with ultra-low-power, self-powering, Internet-of-Things or batteryless,” said Greg Papadopoulos, Venture Partner at NEA and PsiKick Board Member. “Most of it is incremental. PsiKick has made some fundamental breakthroughs that leapfrog what’s been done to date.”
As part of the Series B financing, Marc Singer will join PsiKick’s Board of Directors.
PsiKick, Inc., is a venture backed start-up pioneering wireless, self-powering IoT systems. These systems eliminate the dependence on batteries that has hobbled realization of the true potential for the Internet of Things. PsiKick’s technology approaches self-powered systems from multiple angles, combining energy harvesting nodes with overhauled wireless communication and ultra-low power radios. Leveraging technology developed at the University of Virginia and the University of Michigan, PsiKick has built a revolutionary solution for IoT systems. PsiKick is based in Santa Clara, CA with design centers in Charlottesville, VA and Ann Arbor, MI. For additional information, visit: www.psikick.com
About Osage University Partners
Osage University Partners is a venture capital firm focused on investing in startups that are commercializing cutting edge university technologies. Osage partners with top research universities to invest in their most innovative startups, and Osage shares its investment profit with its partner institutions. The firm invests in both technology and life science companies at early and late stages of company development. Osage has partnered with over 80 universities and has invested in over 50 of their spinouts. Osage University Partners manages over $300 million across its funds and is part of a family of investment funds at Osage Partners, which is based in Philadelphia, PA. For additional information, visit:www.osageuniversitypartners.com
New Enterprise Associates, Inc. (NEA) is a global venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies. With nearly $17 billion in cumulative committed capital since the firm’s founding in 1977, NEA invests in technology and healthcare companies at all stages in a company’s lifecycle, from seed stage through IPO. The firm’s long track record of successful investing includes more than 200 portfolio company IPOs and more than 320 acquisitions since its founding in 1977. In the U.S., NEA has offices in Menlo Park, CA; Boston, MA; New York, NY; Chicago, IL; and the Washington, D.C. metropolitan area. In addition, New Enterprise Associates (India) Pvt. Ltd. has offices in Bangalore and Mumbai, India and New Enterprise Associates (Beijing), Ltd. has offices in Beijing and Shanghai, China. For additional information, visit www.nea.com.