Thursday, March 24, 2005

Pentadyne Gets $10M Follow On Funding

Chatsworth-based Pentadyne Power has raised a $10M follow on to its Series C funding. According to the company, it has raised an additional $10M from an initial $8M close on its Series C funding, bringing its total to $18M. New funding came from Rustic Canyon Partners. Previous investors in the Series C included Nth Power, DTE Energy Ventures, Accera Venture Partners, and Sempra Energy. Pentadyne said that it will use the funds to expand its product commercialization efforts. As part of the funding, Lee Bailey of Rustic Canyon will join the company's board. Pentadyne is developing advanced flywhell technology for the power conditioning and UPS market. The company's products are currently used by manufacturers for large uninterruptible power supplies. More information »

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