Business Excellence Awards
Please Join PBN to Celebrate the 2014 Business Excellence Award Winners on Novem ...
By PBN Staff
By PBN Staff
PROVIDENCE – The Slater Technology Fund announced Tuesday that it has re-invested in Charlestown-based power distribution company VoltServer, committing $500,000 as part of the company’s $2 million Series A financing round.
The $500,000 investment comes after Slater’s initial $250,000 investment in the company in 2012.
VoltServer has “pioneered” a technology known as Packet Energy Transfer which “revolutionizes the way electrical power is controlled and distributed,” according to a Slater release. The Pet technology digitizes electrical power into millions of discrete packets that reportedly contain both energy and data, “making it possible to transmit high-voltage power more safety and less expensively than traditional technologies.”
Slater lauded the Pet tech as being safer than other electric transmission methods due to its ability to distinguish in real time between current being drawn by load equipment and a person accidentally touching power conductors. It automatically discontinues the power before it becomes lethal.
VoltServer said that its technology has applications across multiple industries but that its initial target is the telecommunications sphere.
“What we discovered is that Packet Energy Transfer is a key enabler for customers in the wireless industry who are deploying the small cells that constitute the next-generation 4G networks,” Steve Eaves, the founder and CEO of VoltServer, said in the Slater release.
VoltServe reportedly intends to use its latest round of 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,” Thorne Sparkman, managing director of the Slater Technology Fund, said in prepared remarks. “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.”