NuCurrent Announces a $3.48 Million Series A to Light Up the Wireless Charging Industry
As the wireless charging market continues to explode – IHS Technology predicts that revenue from wireless power transmitters and receivers will reach $8.5 billion in 2018, up from $216 million in 2013 – a Chicago-based startup looks to blow up with it.
This morning, NuCurrent, a leader in wireless charging technology, announced a $3.48 million Series A funding, led by Independence Equity, Hyde Park Angels, Harvard Business School Angels and existing investors. The company will use the funding to increase the company’s global market share and accelerate commercial development.
Founded in 2009 by several Northwestern graduates, NuCurrent began building wireless charging solutions for medical devices before shifting its focus to commercial products in 2012. Since then, the startup has emerged as an innovator in wireless power antenna technology, integrating their tech into a variety of charging products, allowing items to power cell phones and wearable devices without plugging them in. (Basically, they’re helping create a common standard for wireless charging).
“Since founding NuCurrent, a variety of companies have validated our technology and selected it for inclusion in their products and this financing enables us to leverage the technological strength and focus on increasing market penetration” said Jacob Babcock, CEO, NuCurrent. “Our investor team has the proven ability to identify significant industry trends like wireless charging and help entrepreneurs translate those trends into category-defining global businesses. ”
Due to NuCurrent’s antennas, consumer electronic devices charge with greater efficiency, increased distance, lower heating, and faster charge times. This latest round will help make sure that if a brand or company is building a wireless charging solution, they’ll use NuCurrent’s superior tech.
Explained Christopher Jensen, a member of Hyde Park Angels, “with such a compelling value-add for electronics manufacturers, we’re convinced that NuCurrent’s technology and outstanding team will play a key role in driving adoption for wireless charging in consumer electronics.”
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