Sparq Systems raises USD 2.75 million venture capital financing
Canada-based Sparq Systems received USD 2.75 million in venture capital financing. MaRS Cleantech Fund led the round. The Investment Accelerator Fund or IAF and the Ontario Centers of Excellence also participated in the round.
Microinverters basically convert power derived from solar panels to power that could be used on the grid. The grid power would then be utilized by solar systems installed in homes and residences. According to Sparq, they have developed advanced microinverters which are less expensive and more reliable. As part of the transaction, MaRS Cleantech Fund Co-Managing Director Murray McCaig was appointed to Sparq's Board of Directors.
Sparq was established in 2009 as a result of a power electronics research done at Queen's University by company Founder Dr. Praveen Jain and his ePower Labs team. The research was previously funded by PARTEQ Innovations, angel investors and other sources. So far, Sparq has issued patents. It also has six multi-country patents pending.
Dr. Jain, who is also the Chairman of the Board, said he is thrilled at the quality of their new investors. He said, "We appreciate their confidence in our business model, management team, technology and market opportunities."