Powervation Ltd. (www.powervation.com),
the Intelligent Digital Power™ company, today announced it has closed a
$3.0 million term debt agreement with Ares Capital Corporation that
supplements a $4 million private equity financing that closed in the
December quarter. All existing investors participated in the equity
financing, including: Scottish Equity Partners (SEP), Braemar Energy
Ventures, Intel Capital, VentureTech, 4th Level Ventures, and Semtech
Corporation.
The funding will be used to scale the business in response to strong
adoption of the Company’s Intelligent Digital Power™ IC products in the
cloud server, high performance computing, communications, and power
supply markets. The Company’s integrated digital control and digital
power management IC products are based on a proprietary digital control
platform which delivers best in class regulation, full auto-tuning,
dynamic performance and breakthrough flexibility. Powervation’s
intelligent digital DC/DC controllers provide superior programmable
power solutions to the perennial power design challenges of efficiency,
size, cost and time to market.
“We have enjoyed very strong growth and major breakthroughs for our
intelligent digital DC/DC power solutions at market leading customers in
the Cloud and Communications infrastructure space. This financing is an
endorsement for Powervation’s momentum and potential in the exploding
digital power IC market”, said Mike McAuliffe, CEO of Powervation. A
recent market forecast report from IHS has projected continued rapid
growth for the global digital power management IC market with a forecast
of over 50% CAGR growth to exceed a $3 billion market opportunity by
2018.
The funding round will also enable the company to accelerate the
development and deployment of its new digital controllers with industry
leading xTune™ intelligent auto-tuning technology, and ITM™ intelligent,
fast transient technology for multi-rail, multi-phase and integrated
point of load (POL) applications.
“I’m very pleased with the support we’ve received from Ares Management
and the continuing commitment from our existing investor constituency.
This financing provides us with working capital to accelerate and scale
the business to the next level”, said Rick Santos, Vice President and
CFO of Powervation.
About Powervation
Powervation (www.powervation.com),
the Intelligent Digital Power™ Company, delivers smarter and simpler
digital power IC solutions for designers of communications, computing,
and power supply solutions. The company’s digital DC/DC controllers with
xTune™ auto-tuning technology deliver significant benefits in
performance, efficiency, reliability and breakthrough design simplicity.
Powervation is a privately held company backed by leading venture and
corporate strategic investors, and is headquartered in Cork, Ireland,
with offices in San Jose, California, Taipei, Taiwan and Shenzhen, China.
About Ares Capital
Ares Management, L.P. (NYSE: ARES) is a leading global alternative asset
manager with approximately $79 billion of assets under management with
offices in the United States, Europe and Asia. For more information,
please visit www.aresmgmt.com.
Copyright Business Wire 2014