Boston-Power Secures $8 Million in Series A Financing.
Led by Internationally Recognized Team, Portable Power Market Startup's Next-Generation Lithium-ion Battery Lithium-ion batteries (sometimes abbreviated Li-ion batteries) are a type of rechargeable battery commonly used in consumer electronics. They are currently one of the most popular types of battery for portable electronics, with one of the best energy-to-weight ratios, no Combines Unmatched Safety with Unbeatable Performance and Cost Effectiveness
WESTBOROUGH, Mass. -- Boston-Power, Inc.([TM]), an early stage provider of portable power solutions, today announced it has raised $8 million in first round financing led by investors Venrock Associates and Gabriel Venture Partners. Prior to this investment, the company received seed round funding from private investors including company Chairman Carol Latham. The company also announced its board of directors, comprising battery industry visionaries Visionaries may refer to:
Boston-Power is led by CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and founder Dr. Christina Lampe-Onnerud, among the world's foremost authorities in battery system innovation and design. Strategy and technology advisor to the global battery industry, Dr. Lampe-Onnerud has assembled a world-class team with more than 100 years of combined experience in Lithium-ion technology. Headquartered in Westborough, Mass., Boston-Power also has established Six Sigma-level manufacturing operations Manufacturing operations concern the operation of a facility, as opposed to maintenance, supply and distribution, health, and safety, emergency response, human resources, security, information technology and other infrastructural support organizations. in Shenzhen, China.
"The Lithium-ion battery technology powering the portable devices consumers rely upon - laptops as well as PDAs and mobile phones - has reached a critical point in its evolution," said Dr. Lampe-Onnerud. "In January 2005, Boston-Power set out to develop a Lithium-ion battery pack system that would meet the market need now, deliver the highest quality and safety available and still provide industry best performance by a dramatic margin. It was an ambitious goal, and the group we've assembled has achieved it. By pairing our industry and operational expertise with that of our investors and advisors, we're poised to bring our first products to market in the near term."
"We target the power and energy sectors and we've heard many proposals from a range of companies," said Scott Chou, partner with Gabriel Venture Partners. "Boston-Power stood out for its unparalleled talent, vision, innovative approaches to chemistry, design and manufacturing, and its ability to deliver solutions to the market now."
"For the past several years, Dr. Lampe-Onnerud has been keynoting industry and government events worldwide, defining the mounting crisis facing battery technology and what must be done to address it," said Michael Feinstein, general partner with Venrock Associates. "With the recent battery recalls and consumers' insatiable demand for power-hungry personal electronics products, the situation she identified is now unfolding. Venrock only invests when there's the right combination of unmatched executive and engineering talent, combined with substantial market growth opportunity. Boston-Power meets those specifications perfectly."
Members of the world-class team supporting Dr. Onnerud include CTO (Chief Technical Officer) The executive responsible for the technical direction of an organization. See CIO and salary survey. Per Onnerud, an internationally renowned battery inventor INVENTOR. One who invents or finds out something.
2. The patent laws of the United States authorize a patent to be issued to the original inventor; if the invention is suggested by another, he is not the inventor within the meaning of those laws; but in that and technology developer who is a leader in worldwide patent strategy and execution. Vice President of Sales Bob Hyotte joins Boston-Power with senior sales and marketing experience from technology companies including Primax/Polaris Electronics, Lexmark International and Honeywell International. CFO See Chief Financial Officer. Paul Hallee brings to the team over 25 years of experience in finance at high technology companies, with a focus on the enterprise software and systems industry.
The board of directors Boston-Power announced today comprises battery industry experts and business veterans:
* Chairman Carol Latham, founder and former CEO of Thermagon, successfully acquired by Laird laird
The owner of a landed estate.
[Scots, from Middle English lard, variant of lord, owner, master; see lord. Technologies in 2004
* Anders Barsk, senior strategist strat·e·gist
One who is skilled in strategy.
Noun 1. strategist - an expert in strategy (especially in warfare)
market strategist - someone skilled in planning marketing campaigns and private investor in early stage technology companies, currently sitting on boards of directors including Qbrick and Nilar International
* Michael Feinstein, general partner, Venrock Investments with a history of successful IT investments in networking, components and software infrastructure
* Scott Chou, general partner, Gabriel Venture Partners and leader of Gabriel's Disruptive Technologies A new technology that has a serious impact on the status quo and changes the way people have been dealing with something, perhaps for decades. Music CDs all but wiped out the phonograph industry within a few years, and digital cameras are destined to eliminate the film industry. practice
* Dr. Christina Lampe-Onnerud, CEO and founder
For more information on Boston-Power, please visit www.boston-power.com.
Boston-Power, Inc.([TM]) is an emerging portable power company answering the call for safer, longer lasting Lithium-ion batteries - today. The company is led by CEO and Founder Dr. Christina Lampe-Onnerud, one of the world's foremost authorities in battery system innovation and design, and backed by leading venture capital firms Name Location Founding date Managing Partners/Directors Specialty Capital managed
5AM Ventures Menlo Park, CA; Waltham, MA 2002 John Diekman, PhD (managing partner), Scott Rocklage, PhD (managing partner), Andrew Schwab (managing partner) life sciences $200M  including Venrock Associates and Gabriel Venture Partners. 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 For other uses of "Westborough", see Westborough (disambiguation).
About Venrock Associates
Venrock Associates is one of this country's premier venture capital firms with offices in New York New York, state, United States
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Menlo Park Menlo Park.
1 Residential city (1990 pop. 28,040), San Mateo co., W Calif.; inc. 1874. Electronic equipment and aerospace products are manufactured in the city. Menlo College and a Stanford Univ. research institute are there.
2 Uninc. , and Cambridge, MA. Originally established as the venture capital arm of the Rockefeller family The Rockefeller family, the family of John D. Rockefeller (1839-1937) ("Senior") and his brother William Rockefeller (1841-1922), is an American industrial, banking, philanthropic, and political family of German American origin that made the world's largest private fortune in the , 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 Millennium Pharmaceuticals NASDAQ: MLNM is a biotechnology company based in the Cambridge, Massachusetts area of the United States of America. Founded in 1993, the company conducts research in various scientific areas, currently focusing on inflammation and oncology. , and Illumina. For more information, please visit Venrock's website at 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 (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. ), IL&FS Investsmart (IPO), and Provogue (IPO). For more information, please visit http://www.GabrielVP.com.