Powervation Ltd, a Cork, Ireland-based developer of digital power IC solutions, has raised $7m in Series C funding.
Backers include new investor Semtech Corporation (Nasdaq: SMTC), a supplier of mixed signal semiconductors, and existing investors Intel Capital, SEP, VentureTech Alliance and Braemar Energy Ventures.
The company intends to use the capital to accelerate business growth, expand sales channels and strengthen applications engineering including establishing a new facility in Taiwan to support its Asian business growth. Enterprise Ireland joined the round with an R&D investment which will enable Powervation to further strengthen its design team in Cork to accelerate new product development.
Led by Mike McAuliffe, CEO, the company provides designers of Communications, Computing, and power Point-of-Load systems with Intelligent Digital Power™ IC solutions, which incorporate digital DC/DC controllers with patented Auto-Control® technology to deliver benefits in performance, efficiency, reliability and design simplicity. Powervation has sales/applications offices in San Jose, California and Taipei, Taiwan.