EDITOR’S NOTE: VoltServer is located at 9 General Stanton Drive. Click here for their website.
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| From Voltserver's website |
Providence, R.I., July 9, 2013 – The Slater Technology Fund announced that it has
re-invested in VoltServer, a Charlestown, R.I.-based power distribution
company, committing $500,000 as part of a $2-million Series A round. Slater
made an initial investment of $250,000 in the company in 2012.
VoltServer has pioneered a technology, called Packet
Energy Transfer (PET), that revolutionizes the way electrical power is
controlled and distributed. PET digitizes electrical power into millions of
discrete packets that contain both energy and data, making it possible to
transmit high-voltage power more safely and less expensively than traditional
technologies.
PET is safer than other electric transmission methods because it
is able to distinguish in real time between the regular current being drawn by
the load equipment and a person accidentally touching the power conductors, and
to automatically discontinue the power before it becomes lethal.
The company intends to use the latest funding to complete
testing in independent laboratories, and to complete initial field testing with
customers.
“VoltServer’s novel intellectual property and
explosive market opportunity make the company a hugely compelling candidate for
Slater and other investors,” said Thorne Sparkman, managing director of the
Slater Technology Fund.
“We believe that VoltServer’s digital approach to power
has the potential to change the game of how electricity is distributed in a
variety of industries, and I look forward to continuing to work with Steve and
his team to make it happen.”
About Slater Technology Fund
The Slater Technology Fund is an independently chartered economic development fund that operates in accord with best practices of venture capital investing, backing new ventures committed to basing and building businesses in Rhode Island. Leveraging state and federal funding, Slater focuses its resources on the support of entrepreneurs who have the vision, leadership and commitment to build substantial commercial enterprises.
Slater typically invests at the
inception stage in the development of a new venture, often based upon ideas and
technologies originating in academic institutions and/or government research
laboratories located within the region. In most cases, investments are premised
upon the possibility of raising substantial follow-on financing, from venture
capital investors or from strategic partners, with a view toward accelerating
the generation of significant numbers of high-value, high-wage jobs over the
intermediate to longer-term. For more information, visit www.slaterfund.com.
