EDBI Leads Series D Investment in Innovalight, Vertex Joins Round
January 20, 2010 by Gwendolyn Regina T
Two Singapore venture funds joined US-based (Sunnyvale, California) Innovalight as investors in the latter’s series D of financing. EDB Investments (EDBI) led the USD 18 million round, with another Singapore venture firm, Vertex Venture Holdings joining in, together with existing investors Apax Partners, ARCH Venture Partners, Convexa Capital, Harris & Harris Group, Sevin Rosen Funds and Triton Ventures.
EDBI was established in 1991 as the independent equity investment arm of the Singapore Economic Development Board (EDB) and Vertex is the venture subsidiary of Temasek Holdings, a Singapore Sovereign Wealth Fund (SWF).
Innovalight is in the clean technology space, and sells silicon ink-based high efficiency solar cell materials and technology. Its proprietary nanotechnology-based silicon ink and processing technologies allow crystalline silicon solar cell manufacturers to dramatically boost output capacity, solar cell performance as well as reduce costs with a simplified additional step to already installed manufacturing lines.
Apart from venture funding, Innovalight also received additional development funds from the US Dept. of Energy.
About The Author
Gwendolyn Regina T - Co-Founder and Editor-in-Chief
Apart from SGE, Gwen is also a Partner at Thymos Capital, where she focuses on early stage investments in technology firms. She has had two exits out of her investments via the firm, one of which is iHipo. A frequent judge for business competitions both locally and overseas, she graduated from the National University of Singapore. Gwen also spent some time in Silicon Valley and studied in Stanford University under the NUS Overseas College programme. Gwen is a mentor at Spanish incubator Tetuan Valley, Polish incubator Gamma Rebels, the Singapore Ambassador for the Sandbox network and the Singapore curator for StartupDigest. She enjoys languages, travelling, dance and adventure sports. Gwen can be found on LinkedIn and Twitter.
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