Amber Solutions, a technology innovator creating a modern hyper-intelligent electrical architecture, today announced the completion of a new $5.5-million round of financing and the securement of three new memorandums of understanding (MOUs) with leading global manufacturers of electrical products, smart automation systems and silicon chips.
These new MOUs now total six agreements signed during the COVID-19 lockdown and nine overall for the company, noted Amber Founder and CEO Thar Casey. He also pointed out that this recent financing strengthens the company’s ability to continue refining and productizing its technologies into prototypes and pre-production products for evaluation, manufacturing and shipment by Amber’s growing number of industry partners.
“This $5.5-million in financing brings our total raise to over $11-million,” Casey said today. “Our strategy is to align with some of the world’s largest electronics manufacturers to power their product lines with our disruptive breakthrough technologies and de facto reposition their competitors as being old and out of date,” said Casey. “Our raise was precisely what we needed to support the continued scaling of Amber with our expanding technology portfolio and customer agreements,” he explained.
Of Amber’s now nine signed MOUs, one of these partner agreements progressed to a binding agreement with a revenue commitment.
“These agreements serve as a testament to the value and disruptive nature of Amber’s technologies and the growing momentum and industry recognition that we are realizing. The agreements are also tangible examples of the expertise exhibited by our young company’s staff of highly experienced Silicon Valley executives in productizing and commercializing innovation that truly solves industry problems,” Casey emphasized.
The latest round of financing and new customer agreements also come on the heels of Amber’s sixth secured patent, which enables manufacturers to design simpler, better and smaller LED lighting solutions.
Amber’s core patented innovations enable the digital control of electricity in solid-state architecture. These breakthroughs enable advanced intelligence (machine learning and machine-to-machine control) to be embedded within a programmable solid-state power system with a clear path to an even-smaller silicon chip version. Amber’s breakthroughs can power disruptive size-reduction, reliability enhancement, manufacturing efficiencies and major expansion in features and value for electrically powered products. And the categories that can benefit from Amber’s technologies span the breadth of electrically powered landscape – circuit breakers, outlets, GFCIs, dimmer switches, solar / battery system switch solutions, LED drivers and bulbs, even powered appliances, and more.