Wireless charging pioneer WiTricity has secured $25 million in Series E financing from new and existing investors, including Intel Capital and Hon Hai/Foxconn, bringing the company’s total funding to $45 million. The new cash will support the company’s growth strategy as it develops products for wireless charging in the consumer electronics, EV, defense and medical device industries.
“WiTricity’s vision is to usher in a world where wireless power is so ubiquitous, you never have to think about plugging in again,” said CEO Eric Giler. “In securing this funding from our investors we are even more effectively positioned to fulfill that vision and deliver game-changing wireless technology to partners and customers around the globe.”
According to analyst firm IMS Research, the global market for wireless power will grow 86.5 percent annually to be worth $4.5 billion in 2016. WiTricity hopes that its Highly Resonant Wireless Power Transfer technology will capture a big chunk of that market. The company has partnerships with major manufacturers including Audi, Mitsubishi and Delphi.