SEP in $7m round for Powervation

Amy King
05 December 2012

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Irish PE-backed energy optimisation company Powervation has received $7m as part of a series-C funding round.

Existing backers Scottish Equity Partners (SEP), Intel Capital, VentureTech Alliance and Braemar Energy Ventures were joined by new investor Semtech Corporation for this round.

The fresh funding will support the growth of the business and accelerate the market adoption of the firm's digital power management platform.

Previous funding
In 2009, SEP and Intel Capital co-led a $10m series-B funding round for Powervation, alongside Venture Tech Alliance and Fourth Level Ventures. All four investors had initially supported the company with a $10m investment in December 2006.

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

The company's first product, PV3002, gives energy savings of as much as 30%, enabling system manufacturers to create more environmentally friendly and energy-efficient designs.

People
Partner Fearghal O'Riordain led the 2009 deal for SEP and represents the investor on Powervation's board. Damien Callaghan is an investment director at Intel Capital.