|[December 11, 2012]
Green Plug Announces Series C Investment Round, Fueling Development of Next-Gen Power Devices
SAN RAMON, Calif. --(Business Wire)--
Green Plug (News - Alert) (www.greenplug.com),
the first company to bring fully programmable mixed-signal controllers
to the high volume AC-DC power converter market, announced today that it
has completed a Series C investment round.
Leading the round was U.K.-based strategic investor Imagination
Technologies Group plc (LSE: IMG),
joined by longtime institutional investors Herald Ventures and Killik &
Co., both of London; and Peninsula Ventures of Redwood City, Calif. The
amount of the investment was not disclosed.
Green Plug will us the investment proceeds to advance both the state of
the art and the state of the market for programmable power controllers,
where extreme price sensitivity has effectively stymied major leaps
"With the Series C round, our upward trajectory continues," said Frank
P. Paniagua, Jr., founder and CEO, Green Plug. "We've been able to pivot
to where the market is, even as we anticipated and shaped that market.
Our current investors have exhibited great confidence in our direction
and our vision, with a 12 percent boost over our Series B round. Our
goal is to become the IP leader in our space, delivering on the promise
of bringing innovative and affordable solutions for AC-DC power devices,
integrated wireless power and eventually, when the market is right,
Smart Grid connectivity."
Green Plug incorporated in 2006 and participated in DEMO 2008, where
Paniagua was named a "DEMO god." The company remains committed to
bringing advanced mixed-signal technology and innovation to a mature and
largely static product space - the ubiquitous power adapter bundled with
nearly every consumer electronic device - and has silicon-proven
technology with working demo.
Today, the company's technology is aimed at making it easier for the
world's leading power chip vendors to develop more complex, real-world
control capabilities for a broad range of electronic products.
About Green Plug
Green Plug (www.GreenPlug.com)
develops and licenses innovative technology that enables consumer
electronics manufacturers to upgrade from traditional analog-controlled
power adapters to "smart" digitally controlled systems that save power
and dramatically speed product design and development. Green Plug is the
first company to offer real-time programmable control for multiple
control algorithms in a single-chip package at a cost-neutral price
point, thus eliminating the major barrier to adoption in consumer AC-DC
power converters. The company's patented mixed-signal technology
provides unprecedented flexibility in design through software
programming and also enables communication between electronic devices
and their power sources - an important precursor to developing power
products that leverage the Smart Grid. Founded in 2006, Green Plug is
privately held and headquartered in San Ramon, Calif.
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