Company: Nectar Power (aka Lilliputian Systems)
WILMINGTON, Mass., Sept. 14, 2012 /PRNewswire/ – Lilliputian Systems, Inc. (Lilliputian), a developer of portable power products for consumer electronics, is pleased to announce it has closed on $40 million of a planned $60 million equity financing round, led by the Russian $10 billion investment fund RUSNANO, headquartered in Moscow. RUSNANO, which focuses on the development of the Russian nanotechnology industry through co-investments in nanotechnology projects, 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), a revolutionary portable system for powering and charging virtually all mobile phones and countless 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.
“We are happy to announce this round of financing,” said Lilliputian CEO Ken Lazarus. “This capital provides the funds necessary to finalize manufacturing set-up, launch the USB MPS to consumers, and continue expanding our talented staff in functional areas across the firm. Furthermore, 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 Federationconsumer market were significant factors in selecting RUSNANO. We could not be happier to welcome them to our investment group.”