WiTricity has closed a $34 million investment round. The MIT spinout founded in 2007, is known for wireless charging technology.
With WiTricity technology, charging happens automatically once the vehicle is parked without any human intervention—making EV charging hands-free and easier than refueling. The technology can power enabled EVs without sacrificing energy efficiency or speed compared to conventional plug-in chargers.
Stage 1 Ventures led the round with participation from Air Waves Wireless Electricity and a strategic investment by Mitsubishi Corporation through its U.S. subsidiary, Mitsubishi Corporation (Americas).
The infusion of capital will enable WiTricity to continue its leading-edge wireless power platform development, expand its intellectual property portfolio, and capitalize on the commercial momentum for wireless charging for electric mvehicles (EVs) and in the broader mobility market. Mitsubishi Corporation’s investment in WiTricity reflects an innovative vision for the future of smart cities.