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 Federation consumer market were significant factors in selecting RUSNANO. We could not be happier to welcome them to our investment group.”
The USB MPS is a compact, lightweight and portable device that powers and charges a variety of consumer electronic products, such as smart phones, tablets, mp3 players, eReaders, Bluetooth headsets and digital cameras – virtually any USB compatible device. This game-changing product has the capacity to power/recharge consumer electronic devices for several weeks on a single power cartridge without the need for traditional wall outlets, providing true wireless mobility. “It’s like having a wall outlet in your pocket,” said Lilliputian VP of Business Development Mouli Ramani. The power cartridges are safe, easy-to-use, inexpensive and recyclable. The revolutionary USB MPS is based on Lilliputian’s innovative Silicon Power Cell™ technology, which incorporates several key SOFC, MEMS and nanotechnology elements. The product has already been approved for carry-on and use on both domestic and international flights.
“RUSNANO is eager to invest in up-and-coming nanotechnology companies around the world,” said Mr. Kolpachev. “We believe Lilliputian’s core technology is fundamentally superior to comparable solutions, and their first product, the USB MPS addresses a significant and growing market need. We are excited to be part of the team commercializing this technology and are confident in its success. Moreover, this is a win-win situation for RUSNANO, Lilliputian and the Russian high-tech industry. Establishing R&D and manufacturing facilities in Moscow will leverage the significant talent, expertise and accomplishments of Russian engineers and scientists in nanotechnology, MEMS and fuel-cells for the benefit of Lilliputian and the Russian Federation.”