WiTricity Extends Recent Funding For A Total Of $52M
Wireless power transfer leader WiTricity announced an additional $18 million to its previously announced October fund raise of $34 million for a total of $52 million. The extension included investments from Tony Fadell’s Future Shape and other private investors. Fadell also joins WiTricity’s newly formed Board of Advisors.
Stage 1 Ventures led the first tranche of $34 million with participation from Air Waves Wireless Electricity and a strategic investment by Mitsubishi Corporation through its US subsidiary, Mitsubishi Corporation (Americas).
Many of the world’s top automakers and their Tier 1 suppliers have licensed WiTricity’s technology, including Toyota, Mahle, TDK, IHI, Shindengen, Daihen, Aptiv, Anjie Wireless, Yura, VIE, Green Power, and Lumen Freedom. The technology can already be seen in action with McLaren’s Speedtail Hyper-GT and the BMW 530e iPerformance.
These investments enable WiTricity to capitalize on the incredible commercial momentum for electric vehicle adoption globally. With the global standard set for EV wireless charging, and automaker launches imminent, wireless charging should become a primary feature of EVs coming to market in the next design cycle. As you layer in the growing demand for autonomy in both transportation and industrial settings, wireless charging will become not just a convenience, but a key component of mobility. As we ready for mass-market adoption, we’re excited to bring on a Board of Advisors who bring important insights and opportunities to WiTricity.—Alex Gruzen, WiTricity CEO
WiTricity’s technology enables a hands-free and efficient charging experience for EV drivers. The company envisions a not-too-distant future when dynamic charging will support moving vehicles (from taxi queues to roadways), and autonomous vehicles and robots will charge without human intervention. These advancements depend on WiTricity’s wireless power transfer innovation and patented magnetic resonance technology.
As the company readies for the transition from technology and standards development to broad market adoption, WiTricity has secured advisory support from several of the world’s leading authorities on designing consumer experiences, building leading edge technology, and monetizing intellectual property.