Solicore announces closure of Series A funding round

By Marc Castro

Nov 12, 2013 12:44 PM EST

Solicore, one of the global leader of embedded power solutions, announced the first closure of its preferred shares A1 round of financing. The funding round was led by New Science Ventures, a new investors committing USD4 million in capital, together with the participation of existing investors, namely RR Donnelley, Rogers Corporation, Draper Fisher Jurvetson, Braemar Energy Ventures, Firelake Capita, Hydro-Quebec Capitech and OPG Ventures.

These investors recognize the tremendous growth potential of Solicore through strong client demand, well-established market position and its partners, products and technology. 

Solicore has become the market leader in the embedded power industry, through its current line of Flexion batteries. This battery system enables and develops the next generation products and innovations that improve the scale and flexibility of design required to address the current market demands and needs.

According to Solicore CEO Dave Corey, "To advance our position as the market leader in providing embedded power solutions. Solicore felt it was critical to expand our market reach further to support the powered card industry, but equally in support of the medical devices and sensor markets. We firmly believe the market demand for our products is at a tipping point of explosive growth."

New Science Ventures LLC is a venture capital firm based out of New York and it invests in companies which use novel scientific approaches in the Life Science sector, namely biotechnology, pharmaceutical and medical device creation. It also invests in the Information Technology sector, which are semiconductors, photonics and advanced materials.

According to New Science Ventures Partner Vivek Mohindra, "A key investment target for New Science Ventures is to seek companies with a unique and disruptive technology that is poised for explosive growth. We see Solicore - with its leading embedded power platform, an impressive set of worldwide customers and an experienced team - as such a company." 

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