Boston LED Startup OnChip Power Has Increased $1 Million to Its Series a Fundraise

Boston LED startup OnChip Power has increased $1 million to its Series A fundraise, bringing the company’s first round to $2.8 million. According to an SEC filing, OnChip Power has added one more backer to the round, increasing the investor count from four to five. CEO Vanessa Green said previously that investors included Venrock and Arunas Chesonis, CEO of PAETEC Holding Corp. OnChip is working on developing technology that would allow for a smaller, less costly power supply for LED bulbs, in an effort to help drive greater adoption of the energy-saving lighting option. Though there are a number of potential applications for the technology, OnChip has focused on trying to solve some of the problems related to LED light bulbs, which offer major savings on electricity but have yet to find widespread adoption. Source: www.ledinside.com