July 8, 2008
iWatt, Inc. Raises $12.4 Million in Series E Financing
iWatt, Inc., a leader in digital power IC and Systems products and technology, announced today the closing of a $12.4 Million Series E financing round, led by a strategic investor. Existing investors VantagePoint Venture Partners, Sigma Partners and Horizon Ventures, as well as several private investors, also participated in the round. The funding will be used to enhance the company's working capital to facilitate the rapid growth of its green technology products focused on AC-DC and DC-DC applications.
iWatt has been a pioneer in digital control technology for AC-DC power supplies such as cell phone chargers. iWatt was the first company to patent and implement digital primary-side feedback which improves efficiency and which eliminates expensive components, thereby reducing the overall cost of a typical charger. This type of continuous innovation at iWatt has resulted in an ever growing patent portfolio.
"iWatt's mixed signal semiconductors and modules meet the world's need for more energy efficient AC-DC and DC-DC applications," said Ron Edgerton, President and CEO of iWatt. "Bringing high-efficiency, high quality products to market that meet the increasing demand for highly efficient power management applications set the stage for iWatt to capitalize on its patented, industry-leading technologies."
iWatt's rapid growth would not be possible without the support of key suppliers. "iWatt thanks UMC, Unisem, Sanmina and others for providing outstanding support during this period of rapid growth," continued Mr. Edgerton. "This support will allow iWatt to dramatically expand its manufacturing capacities in the near future and achieve the level of supply necessary to meet iWatt's demand growth. The Series E funding ensures the continued rapid expansion of our ability to meet our customers' demands."
About iWatt, Inc.
iWatt, Inc. is a leading provider of innovative power management and conversion solutions, providing both semiconductor and power system products for the computer, communication, consumer and industrial market segments. The company's patented digital control and power system architecture expertise raises the bar in power supply price/performance metrics. iWatt is currently working with market leaders in the computing, telecom, networking, flat panel display and portable device markets to develop high density, high value AC-DC and DC-DC power supplies. iWatt is based in Silicon Valley with headquarters in Los Gatos, CA, with offices in Fort Collins, CO; Taipei, Taiwan; Shenzhen, China; and Hong Kong. For more information, visit www.iwatt.com or call iWatt at (408) 374-4200.