Green Plug announces series C investment round

2013 International CES, USA: Green Plug has completed a Series C investment round.

Leading the round was UK-based strategic investor Imagination Technologies Group plc (LSE: IMG), joined by longtime institutional investors Herald Ventures and Killik & Co., both of London; and Peninsula Ventures of Redwood City, Calif. The amount of the investment was not disclosed.

Green Plug will use the investment proceeds to advance both the state of the art and the state of the market for programmable power controllers, where extreme price sensitivity has effectively stymied major leaps forward.

“With the Series C round, our upward trajectory continues,” said Frank P. Paniagua, Jr., founder and CEO, Green Plug.

“We’ve been able to pivot to where the market is, even as we anticipated and shaped that market. Our current investors have exhibited great confidence in our direction and our vision, with a 12 percent boost over our Series B round. Our goal is to become the IP leader in our space, delivering on the promise of bringing innovative and affordable solutions for AC-DC power devices, integrated wireless power and eventually, when the market is right, Smart Grid connectivity.”