IoT technology developer Amber Solutions has completed a $5.5m round of financing and secures three new memorandums of understanding (MOUs) with leading global manufacturers of electrical products, smart automation systems and silicon chips.
The company had previously raised $6.7m for its solid state medium power AC, sensor and LED technology.
These new MOUs now total six agreements signed during the COVID-19 lockdown and nine overall for the company, said Founder and CEO Thar Casey. The funding will be used to continue refining and productising its technologies into prototypes and pre-production products for evaluation, manufacturing and shipment.
“This $5.5-million in financing brings our total raise to over $11 million,” said Casey. “Our strategy is to align with some of the world’s largest electronics manufacturers to power their product lines with our disruptive breakthrough technologies and de facto reposition their competitors as being old and out of date,” said Casey. “Our raise was precisely what we needed to support the continued scaling of Amber with our expanding technology portfolio and customer agreements.”
Of the nine signed MOUs, one of these partners has progressed to a binding agreement with a revenue commitment.
“These agreements serve as a testament to the value and disruptive nature of Amber’s technologies and the growing momentum and industry recognition that we are realizing,” said casey. “The agreements are also tangible examples of the expertise exhibited by our young company’s staff of highly experienced Silicon Valley executives in productizing and commercializing innovation that truly solves industry problems.”
The funding follows Amber’s sixth secured patent, which enables manufacturers to design simpler, better and smaller LED lighting solutions.
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