On February 14, 2011, MIT students Vanessa Green (MBA 2011), Tony Sagneri (EE PhD, 2011), George Hwang (EE PhD 2010) and Justin Burkhart (EE MS, 2010) closed a $1.8 million dollar A-Round for their start-up OnChip Power. Bill Aulet led the team in a conversation that celebrates their accomplishment and looks back on their rollercoaster year of founding and funding OnChip.
OnChip Power is a MIT spinout founded to commercialize a novel VHF power electronics platform developed in Dave Perreault's group in MIT's Laboratory for Electromagnetic and Electronic Systems. Early in 2010 it became clear that the core technology was ready for commercialization and the founding team brought the idea to 15.390, New Enterprises, to develop a business plan for the venture. The founders immediately got involved with the MIT $100K Competition, earning a runner-up in the Product and Services Track, and incorporated shortly thereafter in order to pursue government funding opportunities. Over the next six months their business plan and team continued to develop and in November 2010, they won the Northeast Region of the national Cleantech Open competition. This win gave them momentum which helped them secure an A-Round to support the next phase of the venture.
News about OnChip's funding was also mentioned in the Boston Globe. Click here to read it: