The Conformal Electronics Company, MC10, Raises $12.5M in Series B Financing, led by Braemar Energy Ventures
June 29, 2011
For Immediate Release
Series B round is led by new investor, Braemar Energy Ventures
Cambridge, MA (June 29, 2011) — Conformal electronics company, MC10, announced today the close of a new round of venture financing that will accelerate development and bring its first products to market. The $12.5 million Series B round is led by new investor, Braemar Energy Ventures, and joined by returning investors North Bridge Venture Partners, Osage University Partners, and Terawatt Ventures.
MC10 transforms high performance electronics that are rigid and planar into systems that can bend, stretch and wrap into nearly any shape. The company is currently developing products for the sports, military, and biomedical fields and has initial partners including Reebok and Massachusetts General Hospital.
“This financing comes at an exciting time for MC10,” says company CEO David Icke. “We have several products under development that achieve our mission of putting electronics on, in, and around the body. This capital will ensure that we get MC10’s technology into the market quickly and effectively and that we continue our growth by advancing into the energy sector.”
In addition to sports, medicine, and the military, MC10’s platform has broad applications across the energy sector. For example, MC10’s technology can be used to create flexible and conformal photovoltaics or thermo-electric systems that enable portable and even wearable energy generation. Braemar Energy Ventures’ investment and sector expertise will position MC10 as a technology player in the energy sector and adds to significant funding the company has received from the Navy and ARPA-E.
“We see an enormous opportunity in platform companies like MC10 that can have an impact across multiple industries,” says Jiong Ma, Ph.D., Partner, Braemar Energy Ventures. “The combination of an innovative technology and a strong visionary leadership team creates opportunities for growth and we are excited to be on this path with MC10.”
By creating flexible, bendable or wearable systems for users across multiple industries, the company sees a huge opportunity in making electronics both more widely deployable and “more personal.” Conformal electronics allow for seamless integration of electronics with the natural world, which ushers in a new era for how electronic products are envisioned, designed, and used.
MC10 is a privately held company focused on improving human health through digital solutions. The company combines conformal BioStamp sensors with clinical analytics to unlock novel insights from physiological data collected from the home or in clinical settings. Our flagship product, BioStamp nPoint, is intended for the clinical research community. MC10 is headquartered in Lexington, MA. Visit MC10 online at www.mc10inc.com.
About Braemar Energy Ventures
Founded in 2003, Braemar Energy Ventures is a leading venture capital firm focused on transformative energy-tech and related companies contributing to global sustainability and combating climate change. Using sector expertise and experience, Braemar aims to be an engaged partner with its portfolio companies to best help them navigate the path to significant global impact. For more information, visit braemarenergy.com or follow @BraemarEnergy on Twitter.