Boston-Power Fuels Expansion With $15.6 Million in Series B Financing

DEMO 07 -- Boston-Power, Inc.(TM), an emerging provider of portable power solutions, today announced an additional $15.6 million in Series B financing. Leading the round and joining existing blue-chip investors Venrock Associates and Gabriel Venture Partners in the oversubscribed up-round is Granite Global Ventures (GGV), a leader in expansion-stage venture capital investments in the U.S. and China.

Boston-Power is led by Founder and CEO Dr. Christina Lampe-Onnerud, a recognized strategist, technology advisor and authority in the global battery industry. Lampe-Onnerud has assembled a world-class team with more than 100 years of combined experience in lithium-ion technology and manufacturing, consumer electronics sales and intellectual property patent law. Headquartered in Westborough, Mass., the company has Six Sigma-level manufacturing operations in Shenzhen, China.

To date, Boston-Power has raised more than $23 million. The new funds come as the company debuts its next-generation, lithium-ion notebook computer battery solution -- Sonata -- at DEMO 07, a premier launch venue for new technologies, products and companies underway this week in Palm Desert, Calif. Hewlett-Packard Distinguished Technologist Dr. John Wozniak is participating in the first public announcement of Sonata alongside Dr. Lampe-Onnerud. (See press release: "Boston-Power Unveils World's First Battery Designed to Last Lifespan of Notebook Computers at DEMO 07.")

"Boston-Power believes strongly in the importance of investors who share our passion not just for lithium-ion battery solutions, but for the kind of company we're building," said Lampe-Onnerud. "In Venrock, Gabriel and now Granite Global, we've found strategic partners who complement our vision at every level. These additional funds enable us to respond to the very strong market demand for higher performing, longer lasting and safer notebook computer batteries."

"Successful companies require strength on multiple fronts," said Thomas Ng, Managing Director, Granite Global Ventures. "Boston-Power embodies the range of vision, talent and products needed to excel in its $10 billion dollar global market."

"Boston-Power combines a world-renowned technology team with impressive leadership, savvy business development initiatives and world-class manufacturing," said Scott Chou, Partner, Gabriel Venture Partners. "We're thrilled to be playing a role in its ongoing momentum as its products come to market."

"Mobility is no longer a luxury in our work and personal lives, it's a requirement," said Tony Evnin, PhD, Managing General Partner, Venrock Associates. "Boston-Power's unique technology is ushering in the next generation of portable power solutions -- first for notebooks and then for other portable devices."

Boston-Power's Sonata product line is a drop-in technology that can be used in existing notebook computers. Significantly, it requires no design changes on the part of the notebook computer OEM. Sonata features first-to- market capabilities that establish new benchmarks in battery performance and safety. The first notebook computers to use Sonata batteries are expected to ship this summer.

About Boston-Power

Boston-Power, Inc. (TM) is an emerging portable power company answering the call for safer, longer lasting lithium-ion batteries -- today. Led by CEO and Founder Dr. Christina Lampe-Onnerud, a recognized authority in the battery industry, the company is backed by leading venture capital firms Venrock Associates, Gabriel Venture Partners and Granite Global Ventures. Boston- Power's innovative systems approach to portable power and application-specific batteries starts with safety, while achieving next-generation performance gains. Founded in 2005, the company is headquartered in Westborough, Massachusetts and has Six Sigma-level manufacturing operations in Shenzhen, China. For more information, please visit http://www.boston-power.com.

About Granite Global Ventures

Granite Global Ventures is a leader in expansion-stage venture capital investments in the United States and Asia, combining global vision with local insight. GGV's highly diverse team manages over $800 million from its offices in Silicon Valley, Shanghai, and Singapore. The firm invests across a range of sectors: software, new media, computing, networking, services and healthcare, as well as emerging industry segments in Asia. GGV has provided capital and helped accelerate international business development for its worldwide portfolio of high-growth companies, particularly in the U.S. and China. GGV's portfolio includes Alibaba.com (combined with Yahoo!), 2Wire, AAC Acoustics (HKSE: 2018), and Sirna Therapeutics (NASDAQ: RNAI). Recent exits include Qpass (acquired by Amdocs), Xfire (acquired by Viacom), P-Cube (acquired by Cisco), and Netscaler (acquired by Citrix). For more information, please visit http://www.ggvc.com.

About Venrock Associates

Venrock Associates is one of this country's premier venture capital firms with offices in New York, Menlo Park, and Cambridge, MA. Originally established as the venture capital arm of the Rockefeller family, Venrock continues a six-decade tradition of funding entrepreneurs and establishing successful, enduring companies. Having invested more than $1.8 billion in more than 400 companies over the past 37 years, Venrock's investment returns place it among the top tier venture capital firms that have achieved consistently superior performance. Venrock focuses its investments on early-stage companies in information technology, healthcare, and emerging technologies. These include: Intel, Apple Computer, StrataCom, Check Point Software, and DoubleClick; Centocor, Idec Pharmaceuticals, Sugen, Millennium Pharmaceuticals, and Illumina. For more information, please visit Venrock's website at http://www.venrock.com.

About Gabriel Venture Partners

Gabriel Venture Partners(R) is a venture capital firm committed to building industry leaders by actively partnering with entrepreneurs to build the market leaders of tomorrow in technology and technology-enabled businesses. Gabriel is based in Silicon Valley and has over $260 million under management. Gabriel's investment team consists of seasoned technology entrepreneurs and industry executives, each with international operating experience and strong domain expertise. Representative investments include Placeware (acquired by Microsoft), NetScaler (acquired by Citrix), and Iridigm (acquired by Qualcomm), as well as India investments such as Allsec (IPO), IL&FS Investsmart (IPO), and Provogue (IPO). For more information, please visit http://www.GabrielVP.com.

Boston-Power, Inc. is a trademark of Boston-Power, Inc. Other brand names or product names are trademarks or registered trademarks of their respective owners.

For more information, please contact:

DEMO 07 onsite inquiries:

Chris Carleton

CHEN PR

857-891-2989 - mobile

781-672-3115 - office

ccarleton@chenpr.com

All other inquiries:

Randy Wambold

CHEN PR

781-672-3119 - office

617-943-6476 - mobile

rwambold@chenpr.com

Author:  

Email:    

Topic:    

Content: