Cork-based digital power company Powervation has secured €5.3m in funding to fuel growth in the cloud and communications sector.
The funding comes from a new investor, Semtech Corporation, together with Enterprise Ireland. Semtech will be joining existing investors Intel Capital, SEP, VentureTech Alliance and Braemar Energy Ventures.
CEO of Powervation, Mike McAuliffe, said the calibre of the investors was an endorsement of Powervation’s technology,
“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.
“These investments endorse our progress with key customers and our business potential as we deliver the unique benefits of our intelligent digital power platform to the wider market,” he said.
The company’s digital power controllers are making headway into the cloud computing and server infrastructure market.
The technology allows real-time adaptive compensation scheme, delivering optimum performance under all load conditions and over the full product lifecycle.
This brings key benefits in terms of system performance and efficiency.
Investment director, Intel Capital, Damien Callaghan, said the niche market that Powervation has focused on is ripe for investment.
“Powervation’s singular focus on realising the opportunity of digital power management is one that we are glad to further invest in.”
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