What is WiTricity?
WiTricity is at the forefront of enabling a future of electric and autonomous mobility through its advanced wireless charging solutions. The company's proprietary magnetic resonance technology is a foundational element for global automakers and Tier 1 suppliers, integrated into their electric vehicle (EV) roadmaps. This technology is also critical for the development of major global standards aimed at facilitating widespread adoption of EV charging infrastructure. WiTricity's innovations extend to dynamic charging for moving vehicles and autonomous charging for robots and vehicles, promising a magically simple and efficient charging experience that removes the friction of traditional plug-in methods.
How much funding has WiTricity raised?
WiTricity has raised a total of $150M across 6 funding rounds:
Series B
$4M
Series E
$25M
Other Financing Round
$5M
Debt
$1M
Other Financing Round
$52M
Unspecified
$63M
Series B (2008): $4M with participation from Argonaut Partners and Stata Venture Partners
Series E (2013): $25M led by Foxconn and Intel Capital
Other Financing Round (2015): $5M supported by Haiyin Capital
Debt (2020): $1M featuring PPP
Other Financing Round (2021): $52M backed by Future Shape Group, Stage 1 Ventures LLC, Mitsubishi Corporation, and Air Waves Wireless Electricity
Unspecified (2022): $63M with participation from Mirae Asset Capital and Japan Energy Fund
Key Investors in WiTricity
Mirae Asset Capital
Mirae Asset Capital is a significant financial backer, likely contributing strategic capital to WiTricity's growth initiatives in the advanced mobility sector.
Japan Energy Fund
The Japan Energy Fund, focused on decarbonisation technologies, provides strategic investment to companies like WiTricity that are advancing sustainable energy solutions for the future of mobility.
Foxconn
Foxconn, a major electronics manufacturer, brings manufacturing expertise and strategic alignment to WiTricity's mission of powering electric and autonomous vehicles.
What's next for WiTricity?
With its latest major enterprise-level funding, WiTricity is strategically positioned to accelerate the commercialization and global deployment of its wireless EV charging technology. The significant capital infusion is expected to fuel further research and development, expand manufacturing capabilities, and forge deeper partnerships within the automotive and technology sectors. This backing will likely enable WiTricity to solidify its market leadership, drive the adoption of its technology as a de facto standard, and pioneer advancements such as ubiquitous charging infrastructure and enhanced vehicle-to-grid capabilities, ultimately paving the way for a truly autonomous and electrified transportation ecosystem.
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