EDBI Leads Series D Investment in Innovalight, Vertex Joins Round

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.