Lilliputian Systems, a developer of portable power products for consumer electronics, announced last week it has closed on $40 million of a planned $60 million equity financing round led by Rusnano. The Russian nanotechnology giant joins Lilliputian’s current blue chip investors including Intel Corporation, Kleiner Perkins Caufield & Byers, Altira Group, Stata Venture Partners, Atlas Venture, and Fairhaven Capital.
The capital will enable Lilliputian to scale manufacturing operations and launch its initial product, the USB Mobile Power System (MPS), an innovative portable system for powering and charging mobile phones and other consumer electronic devices.
As part of the transaction, the company plans to open a business development office and a research and development and manufacturing facility in Moscow. Rusnano Managing Director Georgy Kolpachev will become a member of Lilliputian’s board of directors.
“The opportunity to tap into the vast scientific and technical resources available to us in Moscow as well as gain access to the fast-growing and vibrant Russian Federation consumer market were significant factors in selecting Rusnan,” said Lilliputian CEO Ken Lazarus.
“Rusnano is eager to invest in up-and-coming nanotechnology companies around the world,” said Kolpachev. “Establishing R&D and manufacturing facilities in Moscow will leverage the significant talent, expertise and accomplishments of Russian engineers and scientists in nanotechnology, MEMS and fuel-cells for the benefit of Lilliputian and the Russian Federation.”
Source: Lilliputian
