“Today’s funding milestone underscores the confidence our investors have in Menlo Micro’s transformative technology to fuel the electrification of everything and modernize the $100+ billion market for RF communications, power switching and protection devices in the 21st century,” said Russ Garcia, Menlo Micro CEO.
He said it will enable the company to expand its manufacturing in the U.S. and accelerate the development of its power roadmap to solve challenges.
“We’re positioned to enable the upgrade of the world’s aging power grids, modernize smart buildings and factories, and eliminate many of the inefficiencies in our legacy electrical infrastructure,” Garcia said.
This brings Menlo Micro’s total cumulative funding to over $225 million.
Menlo Micro said it will use the funding to expand the company’s domestic manufacturing and supply chain for the Ideal Switch, a device that delivers the benefits of a mechanical relay and a semiconductor switch and is ‘tiny, fast, reliable, withstands extreme temperatures, is ultra-low loss and can handle 1,000 of Watts.’ It is also manufactured using conventional semiconductor equipment.
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“The Ideal Switch is poised to replace every switch that distributes power. It is the most ubiquitous electrical component in the world – 20B are shipped each year,” said Tony Fadell, Nest founder and Principal at Future Shape. “It’s simple, the Ideal Switch changes fundamental math on power delivery to cities, buildings, homes, and appliances from EVs to lights. It will cost less, last longer, act smarter, and lower climate-busting emissions thanks to its energy efficiency profile.”
The round saw participation from new investors Fidelity Management & Research Company, DBL Partners and Adage Capital Management along with existing investors, Standard Investments, Paladin Capital Group, Piva Capital, and PeopleFund.
