Solicore Closes Initial Round of FinancingNovember 13, 2013
The Preferred Series A1 financial investment positions Solicore for growth and strategic market expansion.
LAKELAND, FL /PRNewswire/ -- Solicore Inc., a global leader of embedded power solutions, announced the first close of its Preferred Series A1 round of financing. Funding was led by New Science Ventures, LLC (NSV), a new investor committing $4 million in capital, with participation continuing from existing investors such as R.R. Donnelley, Rogers Corp., Draper Fisher Jurvetson, Braemar Energy Ventures, Firelake Capital, OPG Ventures Inc., and Hydro-Quebec CapiTech. These key investors all recognize Solicore's tremendous growth potential through strong customer demand, well-established market position, and unique combination of partners, technology, and products.
"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," stated Dave Corey, CEO of Solicore. "We firmly believe the market demand for our products is at a tipping point of explosive growth."
"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," commented Vivek Mohindra, Partner at New Science Ventures, who has also joined the Solicore Board of Directors.
Solicore continues to lead the embedded power industry, both through its current line of Flexion batteries, coupled together with enabling and developing next-generation products and innovations to further both the scale and flexibility of design required to meet the market demands and needs.
New Science Ventures, LLC (NSV) is a New York-based venture capital firm that invests in companies using novel scientific approaches in the life sciences sector (e.g., biotech, pharma, and medical devices) and the information technology sector (e.g., semiconductors, photonics and advanced materials).
Solicore Inc. is a worldwide leader of embedded power solutions, offering its Flexion product portfolio of advanced ultra-thin flexible lithium polymer batteries for powered cards, RFID, and micro medical devices. Solicore's advanced battery technology is ultra-thin, flexible, safe, and environmentally friendly and significantly enhances the capabilities of lithium-based batteries.
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