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Boston power supply startup OnChip Power Corp. has boosted its Series A fundraise by an additional $1 million, bringing the company’s first round to $2.8 million.
According to a filing with the U.S. Securities and Exchange Commission, OnChip Power has added one more backer to the round, increasing the investor count from four to five. The backers are not identified in the SEC document, but in announcing the Series A in February, CEO Vanessa Green said that investors included Venrock and PAETEC Holding Corp. CEO Arunas Chesonis. The company still only has a placeholder website, and no additional information on investors is available there.
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. At the time of its first tranche of the Series A round, OnChip Power was working out of the Dogpatch Labs incubator in Cambridge. It has since relocated to Drydock Avenue in South Boston.
In November, Green was honored as one of the Boston Business Journal’s Rising Stars for 2011, in the joint MHT/BBJ All-Stars and Rising Stars awards program.
A call to Green for comment was not immediately returned this morning.
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