Achates Power closes Series C financing round with USD 35.2 million
California-based Achates Power announced the closure of its Series C financing with USD 35.2 million in capital commitments from various investors. The fundraising was participated by Sequoia Capital Partners, RockPort Capital Partners, Madrone Capital Partners, InterWest Partners and Triangle Peak Partners. All existing investors, including the names mentioned, participated in the round. Achates manufactures affordable internal combustion engines that enhance fuel efficiency and decrease greenhouse gas emissions.
Proceeds from the financing would be used by the company to develop and commercialize its products. The latest funding round brought total funds raised by Achates to nearly USD 90 million. In 2009, Achates closed its Series B round with USD 19 million. The financing had enabled Achates to triple its portfolio of patents in the US.
Achates Power Chief Executive Officer 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."