Powervation raises $5.5m

Existing backers Scottish Equity Partners (SEP), Intel Capital, VentureTech Alliance, Braemar Energy Ventures and Semtech Corporation contributed to the round. 

The company will use the fresh funding to accelerate growth and product development. It also aims to expand the take-up of its platform.

In December 2012, Powervation raised $7m in a series-C round from SEP, Intel Capital, VentureTech Alliance and Braemar Energy Ventures, according to unquote" data. New backer Semtech Corporation also joined the round. 

The firm completed its $10m series-B funding round in 2009, with the support of SEP, Intel, Venture Tech Alliance and Fourth Ventures. The four investors originally supported the company with a $10m investment in 2006. 

Company
Based in Cork and founded in 2006, Powervation provides digital power integrated circuit solutions to optimise power performance and efficiencies. The firm targets manufacturers of electronic systems used in computing, communications and consumer applications. 

People
Mike McAuliffe is CEO of Powervation. 

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• Topics
• UK / Ireland
• Technology
• Expansion
• United Kingdom
• Scottish Equity Partners
• Intel Capital