Stage 1 Ventures led the latest round for the wireless charging technology provider, a spinout of Massachusetts Institute of Technology.
WiTricity, a US-based provider of wireless energy transfer technology spun out of Massachusetts Institute of Technology (MIT), has raised $34m in a round led by venture capital firm Stage 1 Ventures.
The round also featured Mitsubishi Corporation (Americas), a subsidiary of Japan-headquartered conglomerate Mitsubishi, and Air Waves Wireless Electricity, a vehicle for Kenneth Horowitz, co-founder of cellular frequency licensor Cellular One.
Founded in 2007, WiTricity has developed wireless electric vehicle charging technology that uses magnetic resonance.
The funding will be used to further develop and commercialise the company’s technology and expand its intellectual property following its acquisition of mobile chipmaker Qualcomm’s Halo charging technology through a February 2019 all-stock deal.
Stata Venture Partners contributed to a $1.9m round for WiTricity in 2007 before joining Argonaut Private Equity for a $4m round the following year.
The company added $25m in a 2013 series E round featuring…
