Internal combustion engines maker Achates Power has raised a $35.2m Series C round from its existing venture backers.
Sequoia Capital Partners, RockPort Capital Partners, Madrone Capital Partners, InterWest Partners and Triangle Peak Partners participated in the round, which follows the company’s $19m Series B raised in 2009.
Since its launch in 2004, Achates Power has raised a total of $90m.
The company said that it has tripled its US patent portfolio and increased the number of issued and pending claims to more than 1,500 unique innovations since the Series B round.
Achates will use the Series C capital to fund further product development and commercialisation efforts.
Achates Power CEO David Johnson said, “The confidence that our investors have in our technology, and the eagerness of these well-respected industry leaders to join our industry advisory board, further validates the work we’re doing and moves us even closer to production of the Achates Power opposed-piston, two-stroke engine.”
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