Wireless recharging co Powermat raising $30-40m

The wireless gadgets recharging solutions developer is believed to be in the midst of raising the money.

Wireless gadgets recharging solutions developer Powermat Technologies Ltd. is raising $30-40 million in a financing round. The company is believed to be in the midst of raising the money. (NYSE: GS). The company declined to comment on the report.

Earlier this month, Powermat announced that US rapper and music producer Shawn Carter, better known as Jay-Z, had invested in the company and would serve as its presenter. Last September, it announced a joint venture with Duracell, owned by Procter & Gamble Co. (NYSE: PG), Duracell Powermat LLC , which began operations this month.

At this month's CES Exhibition in Las Vegas, Duracell Powermat unveiled its prototype recharging box for toys, such as battery operated cars, dolls, and accessories, which recharges them without wires. The product also provides data about the recharging status, and statistics about the child's use of the toy. The unveiling was intended to demonstrate the products capabilities; it was not a commercial launch.

According to IVC, Powermat had previously raised $30 million since it was founded in 2006. Investors include General Motors Ventures, Richards Stone, Ron Ferber, and other private investors.

Published by Globes [online], Israel business news - www.globes-online.com - on January 23, 2012

© Copyright of Globes Publisher Itonut (1983) Ltd. 2012

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