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EV charging startup WiTricity raises $63M

Megan Hernbroth
Aug 9, 2022
Illustration of an electric vehicle plugged in, the charging wire has dollar bill signs running inside of it towards the car.
Illustration: Aïda Amer/Axios

WiTricity, a Watertown, Massachusetts-based wireless EV charging startup, raised $63 million in an all-equity funding round, the company tells Axios.

Why it matters: EV charging startups are still capturing investors' interest as public EV companies struggle to meet demand.

Details: Siemens AG led the round with $25 million in anchor capital. Japan Energy Fund and Mirae Asset Capital also joined the round with returning investors Stage One, Air Waves Wireless Electricity and Delta Electronics. WiTricity declined to disclose the round's valuation.

  • Siemens will join Intel Capital and Mitsubishi Corporation on WiTricity's board with an observer seat as part of the round, which closed Aug. 5.

State of play: WiTricity has spent the bulk of its time filing for and acquiring patents for wireless charging technology and has made inroads in the European market.

  • It purchased the wireless charging assets from Qualcomm Halo in 2019 for an undisclosed amount.
  • The funding will go toward construction and roll-out of the patented technology for fleets, charging station operators and individual EV owners in the U.S. and Japan, among other target markets.

What they're saying: “With the recent increase in EV uptake in Japan, we see a strong need for technologies that offer simple charging solutions for drivers,” Japan Energy Fund CEO Yohei Kiguchi said in a statement.

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