BT Imaging, a Surry Hills, Australia-based company that provides a suite of luminescence-based inspection and quality control systems for the photovoltaic manufacturing industry, announced today the completion of its Series A2 round of financing for a total of total of US $3.8 million (A$4.5 million). This round of financing includes existing investors Allen & Buckeridge and Uniseed, and new investor Applied Ventures (the venture capital division of Applied Materials). The company said it will use the funds to accelerate product development, launch global expansion plans, and strengthen and defend its portfolio.
According to BT Imaging, its inspection and quality control systems are used by Tier 1 wafer and cell manufacturers in Europe, Australia, Taiwan, China, and Japan. An overview of some products in BT Imaging's portfolio is illustrated below.
“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.”
“As the solar industry continues to expand, we see an increasing need to address quality control applications to achieve higher production yields and optimized efficiency,” stated J. Christopher Moran, Vice President and General Manager of Applied Ventures. “Our investment in BT Imaging aligns well with Applied Ventures’ strategy of fostering innovative technology to help drive down the cost per watt of solar power.”