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FOR IMMEDIATE RELEASE
CONTACT INFORMATION:
Jennifer Dunham
Marketing Director, OnPoint Technologies
(407) 838-1400 phone
(407) 659-0447 fax
jennifer@onpoint.us
Onpoint Technoloies Invests in PowerPrecise Solutions, Inc
MAITLAND, FLORIDA - March 2004 – OnPoint Technologies, Inc., a strategic private equity firm funded by the U.S. Army, today announced it led an investment in POWERPRECISE Solutions, Inc. (“PPS”), a fabless semiconductor company specializing in battery management devices. OnPoint Technologies led the round with co-investors including PTI Ventures and VentureTech Alliance, LLC, the venture capital arm of Taiwan Semiconductor Manufacturing Company (“TSMC”).
"As our first power management or demand side investment, PPS illustrates our holistic approach to addressing end-user power requirements" said Jason Rottenberg, Managing Director of OnPoint Technologies. "PPS is committed to enabling battery pack manufacturers to offer their customers better performance and value."
Located in Northern Virginia, PPS is based on a semiconductor chip design technology acquired from Duality, a fabless semiconductor company. PPS’s initial product is battery management integrated circuits (“ICs”) for large and small format batteries targeted at both telecommunications backup and laptop computer power packs. Leveraging over $3 million to date, PPS’s first product is shipping for test and the second product is in prototype format awaiting test and validation by Communication and Electronic Command (CECOM). PPS plans to use the new capital to ramp product development efforts and evaluate customer opportunities.
"PPS approached OnPoint because of the firm's commitment to assisting portfolio companies in evaluating markets and developing strong customer relationships and OnPoint’s strong relationship with CECOM," said Gary Davison, chief executive officer of PPS. “PPS’s products will fulfill the needs of both commercial and defense markets by providing a scalable and effective battery management solution improving battery packs’ power performance.”
PPS marks OnPoint’s second investment in the growing mobile power and energy market. OnPoint continues to actively invest in companies that focus on technologies with the potential to address the requirements of both the U.S. Army and the commercial market.
About OnPoint Technologies, Inc.
OnPoint Technologies is a strategic private equity investor with a mission to discover, invest in and support companies developing innovative mobile power and energy technology. For more information on OnPoint, please visit their website at www.onpoint.us.
About POWERPRECISE Solutions, Inc.
POWERPRECISE Solutions, Inc. (PPS) is a fabless semiconductor company specializing in battery management devices based in Northern Virginia. Founded in 2001, PPS’s initial products are battery management ICs for large and small format batteries targeted at telecom backup and laptop computer power packs for both private and public markets. The technology represents unique battery power management and sigma-delta signal processing (Virtual Analog™) technologies. For more information, e-mail us at info@powerprecise.com or call (703) 250-4920.
powerprecise.com
