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Lilliputian Systems Inc. has raised $11.1 million of a planned $21 million financing, the company reported in federal documents today. The financing stems from a combination of equity and and offering of Series B convertible preferred stock and warrants convertible into Series B convertible preferred stock, the regulatory filing stated.
Lilliputian Systems develops tiny fuel cells intended to charge portable electronics. The company has said its portable charging system could revolutionize the way consumers use electronics, by providing on-the-go power.
In November, the Wilmington-based company reported that Intel Corp. had become its newest investor and had agreed to manufacture chips for its products at a facility in Massachusetts.
Lilliputian received a $5 million loan in April 2010 from MassDevelopment and the Massachusetts Clean Energy Center to help buy wafer manufacturing equipment for its Wilmington facility that would enable the company to incorporate larger-scale manufacturing.
Since its founding in 2001, Lilliputian has raised more than $90 million in venture capial from Atlas Ventures, Kleiner Perkins Caufield & Byers and Rockport Capital.
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