Irish digital power firm wins $7m funding boost
Powervation has raised $7m venture funding to development and expand its digital power IC business.
The new investor is US-based mixed-signal chip firm Semtech, which said it has made “a strategic investment” in the Irish company.
Other investors include - Intel Capital, SEP, VentureTech Alliance and Braemar Energy Ventures.
The funding will enable Powervation 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 funding round with an R&D investment which will enable Powervation to further strengthen its design team in Cork to accelerate new product development.
“We are delighted by the strong backing of our investor group and to have Semtech Corporation on-board as a strategic investor, as they are a market leader in silicon solutions for the high performance communications and computing markets,” said Mike McAuliffe, CEO of Powervation.
“We have strong momentum in the communication and module spaces and are excited by the early adoption of our new PV3201 Intel VR12.x DDR controller series by leading Server/Computing OEMs,” said McAuliffe.
Powervation’s digital power controllers are used in the communications and server/computing infrastructure market.
The firm has a patented Auto-Control technology, which is a real-time adaptive compensation scheme, optimising performance under all load conditions.