Austin chip maker raises funding to complete beta testing

Jul 16, 2014
Austin Business Journal

MTPV Power Corp., a semiconductor chip maker, reported completing an $11.2 million round of financing


The Austin-based company collected the capital from 21 investors, according to a Tuesday filing with the U.S. Securities and Exchange Commission


MTPV lists the funding round as a Series B-1 financing. Investors included Northwater Capital Management, Total Energy Ventures, Saudi Basic Industries Corp. and Arizona-based Point Financial LLC, according to a company news release


MTPV Power, which was founded in 2008 as MTPV LLC, develops semiconductor chips designed to convert heat directly into electricity similar to how solar panels convert sunlight into electricity


Mather declined to the disclose the exact number of workers MTPV Power employs except to say it was less than 25. He also declined to disclose the total amount of funding the company has received since launching


In 2012, MTPV collected a $3.2 million funding from three investors. In August 2011, it received $6.5 million of a planned $8.5 million round of funding from 13 investors. In 2010, MTPV raised another $1 million that was reported in two separate regulatory filings


Mather, also the managing partner of Ensys Capital LLC, is a former president of Hoover’s Inc., according to his online profile


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