Infusion of Capital and Expansion of Leadership Team Position LSI to Revolutionize Power for Consumer Electronic Devices
WILMINGTON, Mass., April 2 /PRNewswire/ -- Lilliputian Systems, Inc. (www.lilliputiansystemsinc.com), developer of the world's first Personal Power(TM) solution for consumer electronic (CE) devices, today announced the closing of an additional $28M in financing, the addition of Ray Stata to its Board of Directors and the appointment of Michael Umana as EVP and CFO.
Lilliputian Systems announced that it has secured an additional $28 million in venture funding. Joining its current investors, which include Kleiner Perkins Caufield Byers of Menlo Park, CA (www.kpcb.com), Atlas Venture of Waltham MA (www.atlasventure.com), Fairhaven Capital of Cambridge, MA (www.fairhavencapital.com) and Rockport Capital of Boston, MA (www.rockportcap.com), are two new investors: Stata Venture Partners of Needham, MA and Altira Group LLC of Denver, CO (www.altiragroup.com).
In conjunction with the financing, Mr. Ray Stata, the co-founder and Chairman of the Board of Analog Devices, Inc. (www.analog.com), a Fortune 1000 and S&P 500 company will join Lilliputian's Board of Directors effective immediately. Stata Venture Partners is a private equity fund that invests in early stage new business opportunities around the world. Mr. Stata is Founder and Principal of the firm and has been active in the high technology industry and public service for over 20 years including work with the Massachusetts High Technology Council and The Council on Competitiveness. Among his numerous awards include election to both the National Academy of Engineering and American Academy of Arts and Sciences, as well as being a recipient of the IEEE Founder's Medal.
"We could not be more pleased to have Ray join our board," said Ken Lazarus, CEO of Lilliputian Systems. "His knowledge, insight, and contacts -- not to mention his vast experience in bringing MEMS products to market, will help propel Lilliputian Systems as a commercial force in the CE industry."
"Stata Venture Partners' financial support and my personal commitment to join the board serve as strong endorsement of Lilliputian's technology and business model," said Mr. Stata. "This funding will help ensure the timely commercial launch of Lilliputian's products."
Altira Group is committed to building a future of efficient, sustainable energy by pioneering full-spectrum investments in the energy sector. Hull McKinnon, Principal at Altira, will also join Lilliputian's Board of Directors. "Hull's presence further validates the impact that Lilliputian's products will have in providing a clean tech solution for today's CE devices," said Mouli Ramani, Vice President of Business Development at Lilliputian Systems. "The Altira Group recognizes that our products will dramatically reduce the carbon footprint of literally billions of devices worldwide."
Lilliputian also announced the appointment of Michael Umana as Executive Vice President and Chief Financial and Administration Officer. Mr. Umana has held numerous senior positions in both public and private companies and brings a wealth of experience to Lilliputian. Prior to joining the company, Mr. Umana served as Senior Vice President and Chief Financial Officer of the LoJack Corporation. "The addition of Mike to our senior management team will help position Lilliputian for our product launch," said Lazarus. "Mike's deep knowledge and broad experience will be invaluable as Lilliputian continues to add partners and customers around the world."
About Lilliputian Systems
Lilliputian Systems, Inc. has developed the world's first Personal Power(TM) solution for Consumer Electronics (CE) devices, a revolutionary family of products targeted at the $50 billion portable power market. The Company's breakthrough solution delivers the only viable small form-factor battery replacement that provides the enormous run-time improvements demanded by today's CE devices. Lilliputian's patented Silicon Power Cell(TM) technology is based on highly-efficient and proven solid oxide fuel cells (SOFCs) and microelectromechanical systems (MEMS) wafer fabrication methods, and is fueled by recyclable high energy butane cartridges. The technology is reliable, FAA approved and environmentally friendly. Lilliputian's solution enables longer run-time by providing a 5-10 improvement in volumetric energy density and 20-40X improvement in gravimetric energy density at a fraction of the cost. The Company's elegantly designed solution both complements today's devices and can seamlessly integrate into future devices -- all while ensuring the consumer enjoys an essentially infinite supply of Personal Power(TM) for their CE devices. For more information, visit www.lilliputiansystemsinc.com.
SOURCE Lilliputian Systems, Inc.