The vehicle charging technology spinout of MIT has secured a further $18m for a Mitsubishi-backed round.
WiTricity, a US-based developer of wireless charging technology for electric vehicles based on research at Massachusetts Institute of Technology (MIT), has increased a funding round backed by Mitsubishi Corporation (Americas), a subsidiary of Japan-headquartered conglomerate Mitsubishi, to $52m.
Venture capital firm Future Shape and undisclosed private investors added $18m to the $34m first tranche of the round, led by Stage 1 Ventures and backed by Mitsubishi and Air Waves Wireless Electricity, a vehicle associated with Kenneth Horowitz, co-founder of cellular frequency licensor Cellular One, in November 2020.
Founded in 2007, WiTricity is developing wireless charging technology based on magnetic resonance.
Venture capital firm Haiyin Capital provided an undisclosed amount of financing for the company in 2015, following a $25m series E round in 2013 featuring electronic components manufacturer Foxconn and Intel Capital, the corporate venture capital subsidiary of semiconductor technology producer Intel.
Argonaut Private…
