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Monday, May 27, 2024

Maker of High-Tech Coffee Mugs Gets $23 Million

Ember Technologies Inc. has received $23.5 million in a series E round of financing.

The Westlake Village company makes temperature-controlled coffee mugs.

Over 80 percent of the Series E round was made up of previous investors, indicating continued enthusiasm for the brand and the company’s strength, Ember said in a release.

Clay Alexander, group chief executive and founder of Ember, said that since starting the company five years ago, it has been the company’s mission to use its expertise in precision temperature control to solve real-world problems for customers.

To date, the company has more than 129 granted patents surrounding temperature control, data, and connectivity, he added.

“This additional capital will be instrumental in bringing to life technology across our vast patent portfolio in the coming years, particularly in the health care and infant feeding space,” Alexander said in a statement.

The money raised through this Series E financing round will support a significant scale-up in research and development activities to facilitate Ember’s multi-year category expansion initiatives, the company said in its release, adding that the expansion includes Ember’s cold chain technology, the world’s first self-refrigerated shipping box for the pharmaceutical industry.

The company also has plans to grow its consumer vertical with technology to improve infant feeding and further releases in innovative drinkware, it said.

The funding for was led by GoldTek Technology, a subsidiary of Taiwan’s Foxconn Technology Group, one of the largest electronics contract manufacturers in the world, along with Singapore-based global investor EDBI Pte Ltd., and additional new and returning private investors.

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