Infinite Power Solutions, Inc. (IPS) announced today that it completed a $20 million series C round of financing. Existing financial investors D. E. Shaw Ventures, Polaris Venture Partners and Core Capital Partners co-led the financing, which also included new investor Generation Investment Management and participation by Applied Ventures and two additional strategic investors. Earlier investors in the company included Texas Instruments and In-Q-Tel.
IPS said that it will use the funds to expand its manufacturing capacity, accelerate the development of its global sales channels, and support research and development of its THINERGY solid-state rechargeable energy storage devices. IPS was founded in 2001 and is based in Littleton, Colorado. Some background on IPS and its technology is available in the following interview: