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Avogy, Inc. Raises $40 Million Series B Round Led by Intel Capital

Leading Mover in Power Supply Technology Will Use Funds to Expand Platform and Go-to-Market Strategy

SAN JOSE, CA -- (Marketwired) -- 09/09/14 -- Avogy, Inc., a company revolutionizing technology that powers consumer and business electronics, today announced it has raised $40 million in Series B funding. New investor Intel Capital led the round with participation from existing investor Khosla Ventures.

The investment from Intel Capital highlights Avogy's position as a rising force in the power systems category, bringing smarter and more efficient power systems to businesses and consumers. Avogy will use this capital to continue developing the semiconductor and systems technology that enables disruptive innovation in the form of smaller, lighter and more efficient power supplies while building out its go-to-market strategy.

"Avogy has demonstrated new technology that dramatically reduces the cost, size and weight of power systems, which will benefit consumers," said Arvind Sodhani, President of Intel Capital and Executive Vice President of Intel Corp. "The company's products are a strategic fit for a broad range of Intel platforms, including Ultrabooks, all-in-ones and workstations."

Managing Director Ramamurthy Sivakumar and Director Stephen Saltzman led the investment for Intel Capital.

"Power systems have to evolve to meet the needs of an increasingly mobile workforce which utilizes multiple devices. We are radically changing the way these devices will be powered," said Dinesh Ramanathan, President and CEO, Avogy. "Intel has opened up opportunities for Avogy products in the consumer marketplace. We expect to add new strategic partners to proliferate Avogy products in other market segments."

Avogy has more than 20 patents and 40 patent applications in vertical GaN semiconductor technology, power topology and controllers that enable disruptive innovation in power systems. The company is in a class of its own with deep expertise and a track record of producing high-performance power semiconductors and power systems. To achieve these technological advances, Avogy has assembled a team of very experienced semiconductor and power systems professionals from industry leading public companies.

Avogy is attending the Intel Developer Forum conference September 9-11, 2014 in the Moscone Center in San Francisco. For more information on the investment and Avogy, please visit booth 362.

ABOUT AVOGY, INC.
Founded in 2010, Avogy, Inc. is a leader in advancing energy efficiency and reliability of power conversion systems while dramatically reducing their cost, size and weight. Its in-house capabilities include a 3,500 square foot clean room with sub-micron lithography, multiple MOCVD reactors for growing GaN epitaxial layers, device fabrication and a full suite of electrical testing and metrology tools. All processing is in-house, giving Avogy the ability to complete experimental lots in the shortest time possible and run volume production without relying on subcontractors. With 20 patents and 40 patent applications, Avogy continues to innovate and disrupt the power supply industry. The company is venture funded and headquartered in San Jose, Calif. For more information, please visit www.avogy.com.

ABOUT INTEL CAPITAL
Intel Capital, Intel's global investment organization, makes equity investments in innovative technology start-ups and companies worldwide. Intel Capital invests in a broad range of companies offering hardware, software, and services targeting enterprise, mobility, consumer Internet, digital media and semiconductor manufacturing. Since 1991, Intel Capital has invested more than US$11 billion in over 1,370 companies in 56 countries. In that timeframe, 207 portfolio companies have gone public on various exchanges around the world, and 354 were acquired or participated in a merger. In 2013, Intel Capital invested US$333 million in 146 investments, with approximately 49 percent of funds invested outside North America. For more information on Intel Capital and its differentiated advantages, visit www.intelcapital.com or follow @Intelcapital.

ABOUT KHOSLA VENTURES
Khosla Ventures is a venture assistance firm run by people who listen to, analyze and advise entrepreneurs. We manage a main fund that supports early and late-stage investments and a seed fund for developing very early-stage experiments. We focus on breakthrough technologies. The firm was founded in 2004 by Vinod Khosla, who helped turn a computer science project into Sun Microsystems.

Media Contact:
Lindsey R. Coyle
(415) 963-4174 x. 15
avogy@highwirepr.com

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