Northbrook, IL (October 23, 2014) – Independence Equity I LP, an early-stage venture fund, completes an investment in Chicago-based NuCurrent. NuCurrent is a leading developer of high-efficiency antennas for wireless power applications for a broad range of applications.
According to IHS Technology, revenue from shipments of wireless power transmitters and receivers will expand to $8.5 billion in 2018, up from just $216 million in 2013. As the space continues to rapidly expand, electronic device OEMs and integrators continue to turn to NuCurrent to help build in efficient wireless power capabilities into accessories, smartphones, cars and the places people visit every day like the coffee shop and office. With NuCurrent’s technology, consumer products benefit from improved simultaneous charging of multiple devices with different power requirements, by simply placing them on the furniture, work surface, auto console, or walls without any cords. NuCurrent’s antennas make it possible for consumer electronics devices to charge with greater efficiency, increased distance, superior alignment flexibility, lower heating, and faster charge times.
NuCurrent is compliant across Wireless Power Consortium (Qi) and Power Matters Alliance (PMA) standards. NuCurrent resonators enable Gill Electronics Inc.’s newly-introduced TesLink™ Through Surface Transmitter, the first commercial product in support of the A4WP Rezence™ standard. NuCurrent’s high-efficiency antennas were also selected as the Wireless Power Consortium’s standard antenna for in-car charging (i.e. charging a mobile phone by placing it on the center armrest of a car). The Company has developed proprietary and patented technology in the design and manufacturing of wireless power antennas. It has now been awarded 16 U.S. Patents and an additional 18 patent applications have been filed.
“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 Donald Sackman, Managing Partner, Independence Equity. “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.”
About Independence Equity: Independence Equity I, LP is an early-stage venture capital fund focused on technologies that improve resource utilization. These include technologies reduce input costs such as raw materials, energy and labor, improve yield in production processes, or decrease waste or scrap. The fund’s interests comprise sectors such as material science, industrial innovation, and clean technologies (“cleantech”).
Contact: Donald Sackman, 847.739.0100