Silicon ink start-up, Innovalight has raised US$18 million in new capital from a wide group of VC firms to expand production of its silicon ink technology as engagements with potential long-term customer’s increases. Innovalight has only publically announced a partnership with JA Solar to develop the ink-based technology and processes required to enter volume production for the China-based PV manufacturer later this year.
The series D financing round was led by Singapore’s EDB Investments and also included Vertex Venture Holdings, the venture subsidiary of Temasek Holdings, also of Singapore. Investors in previous rounds also contributed, which included, Apax Partners, ARCH Venture Partners, Convexa Capital, Harris & Harris Group, Sevin Rosen Funds and Triton Ventures.
Innovalight has publically announced funding of approximately US$48.5 million, since the company was formed in 2002. The company has verified conversion efficiencies for its silicon ink material of 18% and a roadmap targeted at 20% and more.
Caption: (Left) Christina Teng, Director of Finance, (Right) Conrad Burke, President & CEO of Innovalight Inc.