O’Melveny Advises Menlo Microsystems in US$150 Million Funding Round
March 9, 2022
FOR IMMEDIATE RELEASE
SILICON VALLEY—March 9, 2022—O’Melveny represented Menlo Microsystems, Inc., the company responsible for reinventing the electronic switch with its Ideal Switch™ technology, in its US$150 million Series C funding round, bringing Menlo Micro’s total cumulative funding to over US$225 million.
Vertical Venture Partners and Tony Fadell’s Future Shape led the round with participation from new investors Fidelity Management & Research Company, DBL Partners and Adage Capital Management along with existing investors, Standard Investments, Paladin Capital Group, Piva Capital, and PeopleFund.
Menlo Micro will use the funding to expand the company’s domestic manufacturing and supply chain for the Ideal Switch, which the company calls the most disruptive technological innovation in the electronics industry since the advent of the transistor.
The O’Melveny team advising Menlo Micro was led by Corporate partners Warren Lazarow and Brian Covotta with support from associate Amanda Estep and Gail Guabello.
About O’Melveny
It’s more than what you do: it’s how you do it. Across sectors and borders, in board rooms and courtrooms, we measure our success by yours. And in our interactions, we commit to making your O’Melveny experience as satisfying as the outcomes we help you achieve. Our greatest accomplishment is ensuring that you never have to choose between premier lawyering and exceptional service. So, tell us. What do you want to achieve? Visit us at www.omm.com or learn more in our firm at-a-glance, annual report, and on LinkedIn, Twitter, Facebook, Instagram, and YouTube. Visit The Boardroom for our insights on pressing issues facing global corporations.
Contact:
Christopher Rieck
O’Melveny & Myers LLP
+1 212 326 2218
crieck@omm.com
# # #
MENLO MICRO ISSUED THE FOLLOWING RELEASE:
Menlo Micro Announces $150 Million in Series C Funding as Ideal Switch™ Technology Accelerates the Electrification of Everything
Massive scale-up of product portfolio as Menlo Micro looks to expand new U.S.-based manufacturing and bring over $7 trillion in cost savings globally by 2050
IRVINE, Calif., March 09, 2022--(BUSINESS WIRE)--Menlo Microsystems, Inc. (Menlo Micro), the company responsible for reinventing the electronic switch with its Ideal Switch™ technology, announced today its $150 million Series C, bringing Menlo Micro’s total cumulative funding to over $225 million. Vertical Venture Partners and Tony Fadell’s Future Shape led the round with participation from new investors Fidelity Management & Research Company, DBL Partners and Adage Capital Management along with existing investors, Standard Investments, Paladin Capital Group, Piva Capital, and PeopleFund.
Menlo Micro will use the funding to expand the company’s domestic manufacturing and supply chain for the Ideal Switch, the most disruptive technological innovation in the electronics industry since the advent of the transistor.
"Today’s funding milestone underscores the confidence our investors have in Menlo Micro’s transformative technology to fuel the electrification of everything and modernize the $100+ billion market for RF communications, power switching and protection devices in the 21st century," said Russ Garcia, Menlo Micro CEO. "It will enable us to expand our manufacturing in the U.S. and accelerate the development of our power roadmap to solve some of the world’s most pressing challenges. We’re positioned to enable the upgrade of the world’s aging power grids, modernize smart buildings and factories, and eliminate many of the inefficiencies in our legacy electrical infrastructure."
The Ideal Switch is the electronic industry’s Holy Grail – a device that delivers all the benefits of a mechanical relay and a semiconductor switch, with no compromises. The Ideal Switch is tiny, fast, reliable, withstands extreme temperatures, is ultra-low loss and can handle 1,000s of Watts. Most importantly, it is manufactured using conventional semiconductor equipment.
"The Ideal Switch is poised to replace every switch that distributes power. It is the most ubiquitous electrical component in the world – 20B are shipped each year," said Tony Fadell, Nest founder and Principal at Future Shape. "It’s simple, the Ideal Switch changes fundamental math on power delivery to cities, buildings, homes, and appliances from EVs to lights. It will cost less, last longer, act smarter, and lower climate-busting emissions thanks to its energy efficiency profile. Menlo Micro is one of the biggest technology disruptors of our generation."
According to Adroit Market Research, the global electrification market is experiencing tremendous growth, projected to reach $128 billion by 2028. The Ideal Switch is transforming the electrification of everything by increasing energy efficiency of the entire legacy electric infrastructure, upgrading 100-year-old relay technology with a microelectromechanical (MEMS) switch. The Ideal Switch enables:
Increased Energy Efficiency: As just one example, there are over 1B ceiling fans worldwide and using efficient Ideal Switches in fan controllers would save enough energy to take 17 coal-fired power plants off the grid.
Increased Reliability: A 1000x increase in reliability from electromechanical relays to the Ideal Switch means replacing all switches in the control of industrial processes and equipment can save over $7 trillion in operating costs by 2050.
Smarter Controls: The small size and built-in smart features of the Ideal Switch can enable a level of automation in devices that were previously not possible. One example, there are over 20B outlets and switches in U.S. buildings. Using efficient Ideal Switches in buildings can save the amount of electricity produced by 11 power plants.
From our homes to manufacturing and to the world’s infrastructure at large–the Ideal Switch is creating a more energy efficient and sustainable world by eliminating 20% of global emissions and bringing $37 billion in electricity savings by 2050, a major contribution to the fight against climate change. Download the whitepaper to learn more.
"The 21st century is being defined by the electrification movement. What began with the electrification of transportation, Menlo Micro is now pushing this disruptive trend to another level with breakthrough switching technology that will fuel the electrification of everything," said Ira Ehrenpreis, Founder and Managing Partner, DBL Partners. "The company’s massively disruptive innovation enables the transformation of industries ranging from industrial and building automation, grid infrastructure, transportation, and applications that include virtually every electronic device that impacts our lives. Mass deployment of the Ideal Switch on a global scale has the potential to save gigawatts of power, dramatically cut carbon emissions, and enable a more sustainable future for humanity."
With its comprehensive patent portfolio, proven technology, and blue-chip customer list, Menlo Micro is well positioned for another major growth phase in 2022. Menlo Micro is exploring domestic semiconductor manufacturing locations in California, New York, Texas, and Florida.
To learn more about Menlo Micro and its innovative Ideal Switch technology that’s fueling the electrification of everything, visit www.menlomicro.com.
About Menlo Micro
Menlo Micro is on a mission to create a more energy efficient and sustainable world, with an entirely new category of electronic switches. The Ideal Switch eliminates compromises and tradeoffs by combining the benefits of electromechanical and solid-state switches into the best of both worlds. Menlo is bringing more than 99 percent reductions in size, weight, power, and cost to dozens of industries such as medical, aerospace and defense, telecommunications, consumer electronics, industrial IoT, and test and measurement. For more information, visit menlomicro.com or follow the company on LinkedIn and Twitter.