In the completion of its Series A2 financing, BT Imaging not only secured US$3.8 million, but added Applied Ventures as a new investor joining Allen & Buckeridge and Uniseed. Applied Ventures is the main venture capital division for Applied Materials. BT Imaging will be putting the new funds towards product development, global expansion and building its portfolio.
“Securing additional funding in this challenging economic environment demonstrates investor confidence in BT Imaging’s products and management,” stated Ian Maxwell, CEO of BT Imaging. “Due to the yield and efficiency gains that our products enable, we are experiencing strong demand from manufacturers in multiple segments of the photovoltaic manufacturing industry. This financing provides us with additional R&D and product development capability, putting the company at least a year ahead of its original roadmap. Not only can we enhance our current offerings, we can also provide the photovoltaic industry with new solutions to address critical yield challenges. As the world’s largest supplier of equipment to the PV solar industry, we are very pleased that Applied Materials recognizes the unique strength of BTi’s technologies and its potential for widespread adoption.”