Apr 19, 2006
Shanghai, China – Miartech, a fabless semiconductor design company which supplies smart-energy components to appliance manufacturers worldwide, today announced it has received $6 million in first round venture financing. The round was jointly led by Element Partners, DFJ DragonFund, and Draper Fisher Jurvetson. This funding enables Miartech to further support existing customers and expand product portfolio and marketing reach.
“We are excited about the rapidly growing smart-energy components market. We look forward to leveraging off Element Partners’s expertise and connections in the clean technology space, DFJ DragonFund’s semiconductor experience and Chinese market knowledge, as well as DFJ’s stellar brand in China and worldwide,” said Dr. Peter Xiong, Founder and CEO at Miartech.
“Miartech is addressing the critical smart-energy market worldwide. The company’s products will enable cost effective solutions for energy management and demand response programs and will revolutionize the way utility companies and appliance makers do business,” said John Rockwell, Managing Director at Element Partners.
“The founders of Miartech are world-class entrepreneurs going after a novel and explosive market. The company combines the best of U.S.-trained engineers and local proximity to the rapidly growing Chinese ODM customers,” said Andrew Tang, Managing Director at DFJ DragonFund.
“DFJ is pleased to lend its international and multi-disciplinary platform to Miartech. Miartech will be able to leverage off our partners’ expertise as well as the resources of our affiliate network worldwide,” said Raj Atluru, Managing Director at DFJ.
Miartech also announced the establishment of a Board of Directors, assembled to help further support the company’s growth and development. Board Members include: Peter Xiong, Hang Xu, John Rockwell, and Andrew Tang.
About Miartech
Miartech is a global fabless semiconductor company with operations in the U.S. and China. Since its inception in 2004, Miartech has established itself as a world-class technology leader in Power Line Communication (PLC). Its products include advanced PLC chips and smart-energy solutions, which incorporate proprietary PLC technologies with market leading performance. Systems based on Miartech's products are being field-tested by multiple customers. For more information, e-mail to info@miartech.com.
About Element Partners
Element Partner is a leading private equity fund focused on clean technology. The Fund invests in companies bringing cost effective solutions to environmental and resource constraints in energy, water and other large industrial and commercial markets. Element Partners is managed by the industry’s most experienced group of dedicated clean technology investors. The Element principals have invested more than $800 million in clean technology funds.
About Draper Fisher Jurvetson
Draper Fisher Jurvetson is the only venture capital firm with global presence through a network of affiliated funds, with offices in more than 30 cities around the world and more than $3.5 billion in capital commitments. DFJ's mission is to identify, serve and provide capital for extraordinary entrepreneurs anywhere who are determined to change the world. Over the past twenty years, DFJ has been proud to back approximately 300 companies across many sectors including such industry changing catalysts as Hotmail (acquired by MSFT), Baidu (BIDU), Skype (acquired by EBAY), United Online (UNTD), Overture (acquired by YHOO), Interwoven (IWOV), 411 (acquired by YHOO), Parametric (PMTC), and Digidesign (acquired by AVID). For more information, visit: www.dfj.com.
About DFJ DragonFund
DFJ DragonFund China is an early-stage venture capital fund focusing on China-centric investments. It has offices in Shanghai, Beijing, and Silicon Valley. The fund broadly covers the technology sector including hardware components and systems, Internet, new media, enterprise software, medical devices, and clean technology. Its managers were early investors of Cadence (CDN), Omnivision (OVTI), Oplink (OPLK), AboveNet (ABVT), Actions IC (ACTS), and VA Linux. For more information, visit: www.dfjdragon.com.
