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Posted: Dec 14, 2010
Smart Glass Manufacturer Soladigm Secures $30 Million Equity Financing
(Nanowerk News) Soladigm, a developer of highly energy-efficient Dynamic Glass for next-generation buildings, announced today that it has secured $30 million in Series C equity financing. Combined with previously announced Mississippi state manufacturing financing and other arrangements, the funding will allow Soladigm to build and launch high-volume commercial operations and develop sales and marketing channels. The Series C equity funding, led by DBL Investors and Nano Dimension, includes GE unit GE Energy Financial Services as well as existing investors Khosla Ventures and Sigma Partners. Concurrent with the financing, Cynthia Ringo, Managing Partner at DBL Investors, joined Soladigm's Board of Directors.
"Soladigm is on a mission to bring high-quality Dynamic Glass to the market at affordable prices to drive widespread market adoption and reduce energy consumption in buildings while improving the well-being of occupants. The ingenuity, hard work, and dedication of Soladigm's employees have enabled us to make significant advancements in our technology in a short time," said Dr. Rao Mulpuri, CEO of Soladigm. "We are grateful for the strong endorsement we are receiving with this significant infusion of capital from our financial partners. In addition to our funding, we are honored to have been among the esteemed list of GE ecomagination Challenge winners and are excited to partner with a global leader like GE to drive advancements in building technology."
Last month, GE selected Soladigm as one of 12 business partners for investment and commercial partnerships through its ecomagination Challenge, a $200 million challenge for entrepreneurs, innovators and students to share their best ideas on how to build the next-generation power grid. This investment by GE Energy Financial Services is part of the $200 million Challenge, which selected Soladigm for its window technology that electronically switches glass from clear to tinted, enabling control of heat and glare. It can reduce HVAC energy usages by 25 percent and peak load by 30 percent in commercial buildings.
"We are very impressed with Soladigm's innovative technology and the strong capability of the team, along with the extraordinary milestones they have accomplished," said Cynthia Ringo, Managing Partner at DBL. "Soladigm has achieved a number of breakthroughs, and is quickly making Dynamic Glass cost-competitive and scalable. We are excited to join this team to realize the exceptional energy and environmental impacts of this technology."
"GE is dedicated to driving innovation in generation, transmission, and energy use, and our ecomagination Challenge supports visionary companies such as Soladigm that are bringing game-changing technologies to market," said Kevin Skillern, managing director of venture capital at GE Energy Financial Services. "With GE's green homes and green hospitals programs, our zero energy home program and other smart grid and energy efficiency initiatives, we see multiple avenues for collaboration with Soladigm's Dynamic Glass technology."
Soladigm is a developer of next-generation green building solutions designed to improve energy efficiency. The company's highly energy-efficient dynamic glass switches from clear to tinted on demand, resulting in significant cost savings, environmental benefits, and quality of life enhancements. Soladigm is headquartered in Milpitas, California. For more information, visit www.soladigm.com.