Powermat Technologies, a wireless power technology startup, says Foxconn has made a “significant investment” as part of a $25 million Series B round.
Foxconn Interconnect Technology, the contract manufacturing giant’s connectivity solutions developer,took part in the funding round along with Hudson Sustainable Group, a founding shareholder of Powermat.
Powermat’s innovative wireless power technology is a critical enabler of the smart mobility, autonomous robotics, industrial drones, medical devices, telecom, and internet of things industries, where Powermat is experiencing exponential growth.
The current Series B funding round, led by FIT and Hudson, will be used to fund the company’s increased growth and penetration in key customer segments, including automotive, micromobility, and autonomous robotics.
The strategic partnership with FIT will also involve FIT and Powermat partnering on go-to-market strategies to further the companies’ shared goals of capturing new and emerging markets for wireless power.
Elad Dubzinski, Powermat Technologies CEO, says: “This investment by FIT and Hudson Sustainable Group will allow Powermat Technologies to capitalize on the huge demand for wireless power solutions, to better solve customers’ future product challenges, and to lead the evolutionary cycle of wireless power technology in the autonomous and IoT sectors.
“We look forward to building on our relationship with FIT as a strategic investor and partner, which will enable both companies to cement their leading positions in the market.”
Thomas Fann, special assistant to the chairman, FIT, says: “Access to power on a wireless basis is an essential element to the new mobility ecosystem, which is a business area of increasing focus for FIT.
“OEMs and technology companies are looking for reliable, high performing, and cost-efficient wireless power solutions. Powermat delivers wireless technology solutions to OEMs with an unmatched level of service that ensures the successful implementation of their reference designs and technologies.
“We view our investment in Powermat as another step in a mutually beneficial partnership that will help enable the future success of FIT’s business and lead to deeper penetration of Powermat’s revolutionary technologies across the world’s most innovative industry segments.”
Neil Auerbach, CEO and managing partner of Hudson Sustainable Group, says: “Having worked with Powermat Technologies since 2012, we have a strong conviction in the progress of the company and its position as one of the leading players in the wireless power space.
“In addition to its superior technology offering and longevity in the space, Powermat’s management team has demonstrated remarkable adeptness in steering the company towards emerging high growth markets where there is a high demand for wireless charging and power solutions.”
As the first company to bring wireless charging technology to consumers, Powermat develops advanced Qi-certified and proprietary wireless power technology solutions for various industries and use-cases based on magnetic induction, also known as inductive charging.
Currently, the company’s solutions can be found in over 800 million smartphones, 40 million embedded accessories, and 8 million cars worldwide, in partnership with leading high-tech and mobility partners including FIT, Flex, General Motors, Harman International, Kyocera, and Samsung.