Boston-Power Inc., a Westborough, Mass.-based provider of portable power solutions, has raised $45 million in Series C funding. Oak Investment Partners led the round, and was joined by return backers Venrock, Granite Global Ventures and Gabriel Venture Partners. The company has now raised more than $68 million in total funding, including a $15.6 million Series B round in late 2006 at a post-money valuation of approximately $60.6 million.
Boston-Power, Inc., a rapidly growing provider of first-to-market portable power solutions, today announced $45 million in new funding. The Series C round was led by Oak Investment Partners and included existing blue-chip investors Venrock Associates, Granite Global Ventures and Gabriel Venture Partners.
With $8.4 billion in committed capital, Oak Investment Partners is one of the world’s leading venture capital firms. As part of its investment, Oak Investment Partners Managing Partner Bandel Carano has joined Boston-Power’s board of directors. To date, Boston-Power has raised more than $68 million in funding.
Boston-Power will use the new capital to scale business development, marketing, research and development, and manufacturing operations to meet strong global demand for Sonata � the company’s next-generation Lithium-ion battery technology. Sonata initially targets notebook computers. Eventually, the company’s products could be used to power an extensive range of end-applications � from consumer electronics devices to hybrid electric vehicles.
Boston-Power also announced today a manufacturing partnership with GP Batteries. GP Batteries is the number one battery manufacturer in Asia outside Japan and the tenth largest battery manufacturer in the world.
“The Lithium-ion battery industry is undergoing a major technology advance � one that will provide substantially better safety, dramatically improved cycle life and extremely fast recharge,” said Oak Investment Partners Managing Partner Bandel Carano. “Boston-Power is leading this next generation. Initially delivering breakthrough performance for laptop computers, the company’s technology promises to be equally compelling for a range of other applications, including hybrid and all-electric vehicles.”
“Now that we’re shipping product, our success is largely driven by our ability to implement well on a fast-growing, multibillion dollar market opportunity,” said Boston-Power Founder and CEO Dr. Christina Lampe-Onnerud. “Oak’s keen insights and proven ability to guide companies to success makes them an excellent addition to our team.”
Unprecedented Demand for Notebook Computer Batteries
Demand for safe, high-performance, environmentally responsible Lithium-ion notebook computer batteries is substantial. IDC reported 37 percent growth worldwide in portable PC shipments in the third quarter of 2007, the fastest in more than a decade. This exceeded growth in desktop PCs by 33 percent in the same quarter. Moreover, Gartner reported that third quarter notebook computer shipments surpassed desktop PC shipments, at 52 percent.
Sonata redefines the portable power space by establishing new benchmarks in safety, cycle life, performance and environmental sustainability. Initially targeting notebook computers, Sonata delivers the longest cycle life ever available from any Lithium-ion battery. That translates to longer and more usable power � like-new performance for three years versus current batteries that start to fade in three to six months. Sonata’s “drop-in” design enables it to be used with existing notebook computers � requiring no design changes on the part of notebook computer original equipment manufacturers (OEMs) such as Hewlett-Packard.
Boston-Power’s Technology: Establishing a New Benchmark in Portable Power
Boston-Power’s patent-pending, whole-system approach means its technology can be applied to a vast range of end-applications. As a result, total cost of ownership benefits inherent in its notebook computer batteries prove increasingly impressive in cases where even greater power is required.
Complementing best-in-class performance, the unmatched safety benefits available from Boston-Power’s technology apply whether used in notebook computers and consumer electronics devices or other applications such as hybrid electric vehicles (HEVs). With existing notebook computer batteries containing roughly the same power as hand grenades � and HEV batteries representing far greater than that � Boston-Power’s proactive, preventative safety features overcome the issues challenging current Lithium-ion batteries.
Leadership Team Ready for Rapid Growth
On related matters, Boston-Power welcomes two executives to its management team. Declan Shalvey has assumed the role of chief operating officer. He brings to his new position more than 20 years of experience in operations, manufacturing, supply chain management, customer service, and contract and price negotiation for start-ups and multinationals throughout the U.S., Asia and Europe. Robert Andersen has joined as chief financial officer, following 30 years of executive-level financial leadership with companies that include Raytheon Corporation, United Technologies Corporation, Digital Equipment and Idera Pharmaceuticals. Additionally, Granite Global Ventures Managing Partner Scott Bonham now fills the board seat previously held by fellow GGV Managing Partner Thomas Ng.
Boston-Power, Inc. � is an emerging portable power company answering the call for safer, longer lasting Lithium-ion batteries � today. Led by CEO and Founder Dr. Christina Lampe-Onnerud, a recognized authority in the battery industry, the company is backed by leading venture capital firms Oak Investment Partners, Venrock Associates, Gabriel Venture Partners and Granite Global Ventures. Boston-Power’s innovative systems approach to portable power and application-specific batteries starts with safety, while achieving next-generation performance gains. Founded in 2005, the company is headquartered in Westborough, Massachusetts and has Six Sigma-level manufacturing operations in Greater China. For more information, visit www.boston-power.com.
About Oak Investment Partners
Established in 1978, Oak Investment Partners is a venture capital firm with a strong track record as a multi-stage investor. Their primary investment focus is on high growth opportunities in communications, information technology, consumer internet, new media, financial services information technology, semiconductors, healthcare services, clean energy, and retail. Oak concentrates on building long-term relationships with experienced management teams to develop successful companies that deliver consistent performance over time. These include 2Wire, Aquantive (acquired by Microsoft), Athenahealth, Compaq, Fastclick (acquired by ValueClick), Genzyme, Gmarket, Inktomi (acquired by Yahoo!), Parametric Technology Corporation, PictureTel, Polycom, Seagate Technologies, SMIC, Sybase, Synaptics, Synopsys, TeleAtlas, Virata, Wireless Facilities (WFII), etc. For more information, please visit www.oakinv.com.
About Venrock Associates
Venrock Associates is one of this country’s premier venture capital firms with offices in New York, Menlo Park, and Cambridge, MA. Originally established as the venture capital arm of the Rockefeller family, Venrock continues a six-decade tradition of funding entrepreneurs and establishing successful, enduring companies. Having invested more than $1.8 billion in more than 400 companies over the past 37 years, Venrock’s investment returns place it among the top tier venture capital firms that have achieved consistently superior performance. Venrock focuses its investments on early-stage companies in information technology, healthcare, and emerging technologies. These include: Intel, Apple Computer, StrataCom, Check Point Software, and DoubleClick; Centocor, Idec Pharmaceuticals, Sugen, Millennium Pharmaceuticals, and Illumina. For more information, please visit Venrock’s website at www.venrock.com.
About Granite Global Ventures
Granite Global Ventures is a leader in expansion-stage venture capital investments in the United States and Asia, combining global vision with local insight. GGV’s highly diverse team manages over $800 million from its offices in Silicon Valley, Shanghai, and Singapore. The firm invests across a range of sectors: software, new media, computing, networking, services and healthcare, as well as emerging industry segments in Asia. GGV has provided capital and helped accelerate international business development for its worldwide portfolio of high-growth companies, particularly in the U.S. and China. GGV’s portfolio includes Alibaba.com (combined with Yahoo!), 2Wire, AAC Acoustics (HKSE:2018), and Sirna Therapeutics (NASDAQ:RNAI). Recent exits include Qpass (acquired by Amdocs), Xfire (acquired by Viacom), P-Cube (acquired by Cisco), and Netscaler (acquired by Citrix). For more information, please visit www.ggvc.com.
About Gabriel Venture Partners
Gabriel Venture Partners� is a venture capital firm committed to building industry leaders by actively partnering with entrepreneurs to build the market leaders of tomorrow in technology and technology-enabled businesses. Gabriel is based in Silicon Valley and has over $260 million under management. Gabriel’s investment team consists of seasoned technology entrepreneurs and industry executives, each with international operating experience and strong domain expertise. Representative investments include Placeware (acquired by Microsoft), NetScaler (acquired by Citrix), and Iridigm (acquired by Qualcomm), as well as India investments such as Allsec (IPO), IL&FS Investsmart (IPO), and Provogue (IPO). For more information, please visit www.GabrielVP.com