Menlo Micro Raises $150 Million in Series C Funds will be utilized to expand the company's domestic manufacturing and supply chain for its product, the ideal switch
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Menlo Microsystems on Thursday announced to have raised $150 million in Series C funding round led by Vertical Venture Partners and Tony Fadell's Future Shape, bringing Menlo Micro's total cumulative funding to over $225 million. The company witnessed participation from new investors Fidelity Management & Research Company, DBL Partners and Adage Capital Management along with existing investors, Standard Investments, Paladin Capital Group, Piva Capital, and PeopleFund. Funds will be utilized to expand the company's domestic manufacturing and supply chain for its product, the ideal switch.
"Today's funding milestone underscores the confidence our investors have in Menlo Micro's transformative technology to fuel the electrification of everything and modernize the over $100 billion market for RF communications, power switching and protection devices in the 21st century," said Russ Garcia, CEO, Menlo Micro.
According to Adroit Market Research, the global electrification market is experiencing tremendous growth, projected to reach $128 billion by 2028. The Ideal Switch is transforming the electrification of everything by increasing energy efficiency of the entire legacy electric infrastructure, upgrading 100-year-old relay technology with a microelectromechanical (MEMS) switch, said the company in a statement.
"The Ideal Switch changes fundamental math on power delivery to cities, buildings, homes, and appliances from EVs to lights. It will cost less, last longer, act smarter, and lower climate-busting emissions thanks to its energy efficiency profile. Menlo Micro is one of the biggest technology disruptors of our generation," said Tony Fadell, founder, Nest and principal, Future Shape.
Menlo Micro is on a mission to create a more energy efficient and sustainable world, with an entirely new category of electronic switches. Menlo is bringing more than 99 percent reductions in size, weight, power, and cost to dozens of industries such as medical, aerospace and defense, telecommunications, consumer electronics, industrial Internet-of-Things, and test and measurement. The Ideal Switch is creating an energy efficient and sustainable world by eliminating 20 per cent of global emissions and bringing $37 billion in electricity savings by 2050.