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Thursday, April 2, 2009
Lilliputian takes on big $28M round, Stata joins board
By Efrain Viscarolasaga
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Wilmington-based Lilliputian Systems Inc., a secretive company that has been developing tiny fuel cells aimed at powering small consumer devices, has secured $28 million in new funding from new and existing investors.
In conjunction with funding, the company also announced the appointment of well-known New England technology luminary Ray Stata to the company’s board of directors. Stata comes to Lilliputian through his Needham-based venture firm Stata Venture Partners, a new investor in the company.
The other new investor, Altira Group LLC of Denver, also added a board member, principal Hull McKinnon. Returning investors include Atlas Venture of Waltham, Fairhaven Capital of Cambridge, Rockport Capital of Boston and Kleiner Perkins Caufield Byers of California.
Including the new round, Lilliputian has raised approximately $90 million since its inception in 2001.
In addition to the two new board members, Lilliputian also named former LoJack Corp. CFO Michael Umana to the position of executive vice president and CFO.
Lilliputian’s technology revolves around the creation of long-lasting power storage for personal electronics, such as cell phones and laptops. While the company does not yet have product in the marketplace, its technology is currently in trials with “a number of international consumer electronics makers,” according to vice president of business development and marketing Mouli Ramani.
While officials plan eventually to offer a suite of products revolving around the butane-powered fuel cell technology, Ramani said the first iteration is expected to be a remote charging device that will allow users to extend the charge on devices such as cell phones from hours to “two weeks to a month.”
While Ramani would not discuss a time table regarding the product’s commercial availability, he said the company expects to provide some details regarding timing “by summer.”
According to Ramani, executives are “beyond thrilled” to bring in Stata, the co-founder and chairman of Analog Devices Inc. in Norwood.
“His coming on board and doing so personally is a huge endorsement of our technology and the progress we have made,” said Ramani.
Aside from founding both Analog Devices, one of the region’s largest semiconductor and components companies, and Stata Venture Partners, Stata has also been elected to the National Academy of Engineering and American Academy of Arts and Sciences, and was a recipient of the IEEE Founder’s Medal.
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