Smart grid chip developer EnVerv bags $15.4m venture capital funding


microchip5_sq1A string of venture capital firms have stumped up $15.4m of new financing for semiconductor business EnVerv, which provides chips for smart grid, solar and other grid connection markets.

New investors Cassiopeia Capital Partners, Cisco and UMC Capital joined previous backers Benchmark Capital, NEA and Walden International in the round.

EnVerv president and CEO Michael Raam said the funding would be used to increase production, expand its customer base and develop new products in the wired and wireless communications and metering market sectors.

UMC’s Frank Lee said, “Our investment in EnVerv signifies our belief in not only their business model and product offerings but also their execution in combining complex communication algorithms with high levels of integration in offering the lowest power and most cost-effective single chip solutions to their customers.”

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