Powermat Technologies Inc. today announced investment from Foxconn Interconnect Technology Ltd. (FIT) and Hudson Sustainable Group as part of its $25 million (U.S.) Series B round. The Tel-Aviv, Israel-based company said it plans to use the funding to continue its growth and entry into the automotive, micromobility, and robotics markets. It also said its partnership with FIT on go-to-market strategies will advance their shared goal of capturing new and emerging markets for wireless power.
“This investment by FIT and Hudson Sustainable Group will allow Powermat Technologies to capitalize on the huge demand for wireless power solutions, to better solve customers' future product challenges, and to lead the evolutionary cycle of wireless power technology in the autonomous and IoT sectors,” said Elad Dubzinski, CEO of Powermat.
Powermat Technologies provides advanced Qi-certified and proprietary inductive charging platforms for mobile robots, the Internet of Things (IoT), 5G telecommunications, automotive manufacturing, consumer electronics, medical devices, and commercial drones. The company said its platforms and IP licensing program enable global businesses to incorporate advanced wireless power technology into their products and customize solutions for unique use cases.
Powermat said global enterprises such as Foxconn, Flex, General Motors, Harman International, Kyocera, and Samsung are already usng its technology, which can be found in over 800 million smartphones, 40 million embedded accessories, and 8 million cars worldwide.
Foxconn, Hudson expect spike in demand for wireless power
“Access to power on a wireless basis is an essential element to the new mobility ecosystem, which is a business area of increasing focus for FIT,” said Thomas Fann, special assistant to the chairman at Foxconn Interconnect Technology. “OEMs and technology companies are looking for reliable, high-performing, and cost-efficient wireless power solutions.”
“Powermat delivers wireless technology solutions to OEMs with an unmatched level of service that ensures the successful implementation of their reference designs and technologies,” he added. “We view our investment in Powermat as another step in a mutually beneficial partnership that will help enable the future success of FIT's business and lead to deeper penetration of Powermat's revolutionary technologies across the world's most innovative industry segments.”
FIT provides research and development, manufacturing engineering, production, and supply chain services for global brands and private-label products in the business-to-consumer (B2C) and business-to-business (B2B) categories. The New Taipei City, Taiwan-based company has offices and factories for high-precision interconnect components in Asia, the Americas, and Europe.
“Having worked with Powermat Technologies since 2012, we have a strong conviction in the progress of the company and its position as one of the leading players in the wireless power space,” said Neil Auerbach, managing partner and CEO Hudson Sustainable Group.
“In addition to its superior technology offering and longevity in the space, Powermat's management team has demonstrated remarkable adeptness in steering the company towards emerging high-growth markets where there is a high demand for wireless charging and power solutions,” he said.
Founded in 2007, Hudson Sustainable Group is a global investor with an emphasis on renewable energy, resource efficiency, and other aspects of sustainable technology. The Miami-based firm acts as both a principal investor and an investment manager, and it has made 20 investments to date in 26 countries. It is a founding shareholder of Powermat.
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