Innovalight, a Sunnyvale, CA-based developer of silicon-ink based solar cells and modules, has recently received $5 million of financing from Leader Ventures and Silicon Valley Bank. Innovlight was founded in 2002 and has received investments from ARCH Venture Partners, Apax Partners, Convexa Capital, Harris & Harris Group, Scatec, Sevin Rosen Funds, and Triton Ventures. Some background on the company is available in the following video:
"Innovalight pushes the envelope in the solar power industry with its proprietary technology," said Brian Best, managing director at Leader Ventures. "Their unique approach to building solar cells combined with an excellent management team makes Innovalight a very strong contender in this hot market."
"SVB is proud of Innovalight's success thus far — it has outstanding technology with outstanding leadership," said Joseph Restagno, senior relationship manager at Silicon Valley Bank. "It's exciting to, once again, have the opportunity to provide it the financial resources it needs to continue its growth."
"We are delighted to be working with Leader Ventures and SVB, especially during these turbulent financial times," said Christina Teng, Director of Finance for Innovalight. "As we develop and showcase our innovative solar cell technology, continued financial support is a key in being able to deliver upon our promises of providing low-cost solar products into the market."
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