MIT spin-out WiTricity, which is developing wireless power transfer, secures $25m from new and existing investments, including Intel and Foxconn.
WiTricity, a Massachusetts Institute of Technology spin-out commercialising wireless power transfer technology, has raised a $25m series E.
Support from the latest round came from computing giant Intel’s venture unit Intel Capital and through electrical component manufacturer Foxconn, as well as support from unnamed new and existing backers. The series E brings the total investment in WiTricity, which has now secured 50 patents, to $45m.
The funding will be used to support the US-based company’s growth strategy as it looks…
