NuCurrent, the Chicago-based startup that has grown to become a leader in wireless charging antenna technology, announced this morning that it has raised $3.48 million in a Series A round of funding.
“Wireless power is rapidly being engineered into a broader range of consumer and business products from hand-held electronics to furniture to medical devices, all of which will enhance our daily lives and empower business,” said Independence Equity managing partner, Donald Sackman, in a statement. “NuCurrent, with its proprietary and state-of-the-art capabilities in antenna design, will be a key enabler in the adoption process, and we are pleased that the Independence Equity Fund is able to partner the NuCurrent team in this endeavor.”
Participants in this round of financing include Hyde Park Angels, Independence Equity Management LLC, Harvard Business School Angels, an unnamed strategic corporate investors, as well as several existing investors. This recent raise will be used towards furthering commercial development, as well as increasing efforts to improve NuCurrent's global market share.
Wireless charging technology is seeing a rapid increase in demand, with a projected sales estimate for power transmitters and receivers to reach $8.5 million in 2018 (per IHS Technology). With this growing demand for wireless power applications, NuCurrent's high-efficiency antennas are expected to perform well in the consumer market, where the desire for greater charging flexibility, efficiency, and speed match our every-growing consumption/reliance on mobile devices.