Wireless charging provider WiTricity raises $34 million in venture capital

Wireless power transfer specialist WiTricity has closed a $34-million investment round. Stage 1 Ventures led the round, and investors included Air Waves Wireless Electricity and Mitsubishi Corporation (Americas). The infusion of capital will enable WiTricity to continue its wireless power platform development and expand its intellectual property portfolio.

WiTricity is actively engaged with key standards organizations from around the world, including SAE International (which recently published a global standard for wireless charging), the International Electrotechnical Commission (IEC), the International Organization for Standardization (ISO), and the China Electricity Council (CEC). WiTricity worked closely with the CEC on the GuoBiao wireless charging standard.

WiTricity has declared over 200 patents as “standards-essential” to systems implementing these standards.

According to WiTricity, there are currently two commercially-available EVs equipped with wireless charging capabilities: the BMW 530e iPerformance and the McLaren Speedtail Hyper-GT.

WiTricity has licensed its technology to several Tier 1 suppliers, including Lumen Freedom.

“As automakers increasingly prioritize electrification, the industry seeks to improve the EV ownership experience,” said WiTricity CEO Alex Gruzen. “Our wireless charging shifts the act of charging to the background—just park and it charges. We have been working with the automotive industry for over a decade to make this a reality. The new financing round validates our market position and vision for a future of wirelessly charged mobility. The expanding EV market is now ready, industry standards are set, and we’re excited to bring the wireless charging experience to customers.”

“WiTricity’s wireless charging is essential for realizing next-generation urban city and infrastructure services that capture the shift to EV/autonomous driving,” said Mitsubishi Executive VP Mitsumasa Icho. “We intend to capitalize on wireless charging, IoT, AI, robots and big data in the smart city by harnessing the ecosystem of our global business and partner network.” 

“Wireless charging…enables vehicles that are not only better for the environment and convenient for users, but opens up the door for true autonomy and shared mobility,” said David Baum, Managing Director, Stage 1 Ventures.

Source: WiTricity