Powervation Ltd., a Cork, Ireland-based developer of digital power IC solutions for designers of communications, computing, and power supply solutions, raised $7m in financing.
It included a $3.0m term debt agreement with Ares Capital Corporation and a $4m private equity financing with existing investors Scottish Equity Partners (SEP), Braemar Energy Ventures, Intel Capital, VentureTech, 4th Level Ventures, and Semtech Corporation.
The company intends to use the funds to scale the business and to accelerate the development and deployment of its new digital controllers.
Led by Mike McAuliffe, CEO, Powervation provides integrated digital control and digital power management IC products based on a proprietary digital control platform. The company has offices in San Jose, California, Taipei, Taiwan and Shenzhen, China.