WiTricity, a Massachusetts-based EV charging startup, has raised $63M funding in a new round. Siemens AG led the round with a $25M investment.
Other investors participated, including Japan Energy Fund, Mirae Asset Capital, and returning investors Stage One, Airwaves Wireless Electricity, and Delta Electronics.
How will the funding be used?
The announcement comes one year after raising $52M in 2021 from investors, including Stage 1 Ventures, Air Waves Wireless Electricity, Mitsubishi Corporation, and Future Shape, among others.
The investment will accelerate the production and commercialisation of wireless charging for electric vehicles and other products.
“WiTricity has built a true technology platform supported by a robust patent portfolio and global automotive standards,” says Alex Gruzen, CEO of WiTricity. “This new capital will allow us to accelerate product to market for both passenger and commercial wireless charging and speed the development of our unique always-available wireless V2G capabilities allowing parked EVs to return power to the grid.”
Wireless charging will play a key role in transitioning to autonomous vehicles and supporting grid stability with wireless vehicle-to-grid (V2G) technologies.
Commercialising magnetic resonance
Led by Alex Gruzen, WiTricity was founded out of MIT in 2007 to commercialise the use of magnetic resonance to transmit power over distance at any power level. The company is currently developing the technology across passenger and commercial vehicles.
“With the recent increase in EV uptake in Japan, we see a strong need for technologies that offer simple charging solutions for drivers,” says Yohei Kiguchi, Founder and CEO of Japan Energy Fund and ENECHANGE Ltd. “WiTricity’s technology does exactly that. As a result, we are confident that wireless charging will be a game changer, and inspiring more consumers to choose EVs over traditional combustion engines leads to further decarbonization.”
WiTricity has developed over 1250 issued patents, including the acquisition of the wireless charging assets of Qualcomm Halo in 2019.
The company is now expanding beyond licensing to delivering full wireless charging solutions for its customers, including global OEM fleets, changepoint operators, and end customers.
WiTricity technology spans milliwatts to kilowatts and can be found in products today, from consumer electronics to industrial robotics.
The US company has recently licensed its technology to Wiferion, a solution provider for mobile, wireless power supplies for industrial e-vehicles.
“For decades, we’ve eliminated wires from people’s lives, from mobile phones to Wi-Fi. The last wires to be eliminated are for charging EVs, eScooters, eBikes, factory automation, and other products,” says Kenneth Horowitz of Air Waves Wireless Electricity and one of the founders of the cellular telephone industry. “WiTricity will remove these last wires for an untethered future.”
The current macroeconomic conditions make electric vehicles more attractive to consumers and businesses, increasing the need to make the overall experience safer, more convenient, and truly accessible.
“WiTricity’s wireless charging is a key component to truly reinventing the driving experience with electric cars,” says Jonathan Hwang, Director at Mirae Asset Capital. “Korean drivers expect genuine break-through innovation for great convenience, safety, and accessibility, and wireless charging will provide just that.”
