Powervation, a Cork and California-based company, has topped up its latest funding by US$3m, with Ares Capital Corp getting in on the act.
A previous round of financing that raised US$4m recently brings the total to US$7m as Powervation, a provider of intelligent digital power IC solutions, looks to press ahead with its next stage of development.
This latest round of funding will be used to scale the business in response to strong adoption of the company’s IC products in the cloud server, high performance computing, communications and power supply markets.
Powervation’s integrated digital control and digital power management IC products are based on a proprietary digital control platform, while its intelligent digital DC/DC controllers provide programmable power solutions.
“We have enjoyed very strong growth and major breakthroughs for our intelligent digital DC/DC power solutions at market leading customers in the cloud and communications infrastructure space,” says Mike McAuliffe, CEO of Powervation.
“This financing is an endorsement for Powervation’s momentum and potential in the exploding digital power IC market.”
It has been quite the 12 months of funding for Powervation, with a round closing at US$5.5m as recently as February, bringing its total funding in 2014 to an impressive US$12.5m.
At the start of the month, Powervation announced Rick Santos, a veteran of the corporate finance sector, as its CFO. With more than 20 years in the business, Santos’ most recent position was VP and CFO of Validity Sensors.
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