SAN JOSE, CA, Developer of ultra-low cost, drop-in replacement photovoltaic (PV) silicon wafer, announced that it has raised $10 million in Series B funding from current investors Alloy Ventures, Firelake Capital, I2BF Global Ventures and Peninsula Ventures.
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Scifiniti announced today that the company has raised $10 million in Series B funding from current investors Alloy Ventures, Firelake Capital, I2BF Global Ventures and Peninsula Ventures. The money will be used to bring Scifiniti's first product, SmartWafer„˘, to market. SmartWafer is an ultra-low cost, drop-in replacement photovoltaic (PV) silicon wafer.
"When we invest, we are looking for companies that have disruptive technologies for very large markets," said Dan Rubin, General Partner at Alloy Ventures. "The wafer market for solar cell manufacturing is a multi-billion dollar market and continues to grow. The cost advantage of SmartWafer and their cutting-edge manufacturing approach puts Scifiniti in a leadership position to deliver solutions that will allow their customers to produce and sell modules that will have a significant impact on the solar market."
SmartWafer has been engineered specifically for solar cell manufacturing, unlike traditional wafers that have been adapted from the semiconductor industry. It uses a thin, deposited, high-quality silicon layer on a conductive substrate, offering the same form-factor as a standard wafer enabling a "drop-in" replacement. Cell and module manufacturers will be able to use the SmartWafer without any changes to existing processes and without the need to purchase new capital equipment. SmartWafer reduces silicon use by more than 90 percent and helps to improve yields by reducing wafer breakage rate compared to conventional wafers, which will result in significant cost savings.
"We appreciate the continued confidence from our investors," said Sharone Zehavi, CEO of Scifiniti. "We have made significant progress in the development of our disruptive SmartWafer technology and we believe our customers will see dramatic benefits from our technology that will enable them to grow their revenue and improve margins."
About Alloy Ventures
Alloy Ventures is an early-stage venture capital firm with more than $1 billion under management that invests in the entrepreneurs creating the next generation of ground-breaking information technology, life sciences and cleantech companies. For the last 30 years, Alloy has leveraged the operational experience, extensive networks and forward-thinking vision of its partners to help start and build more than 200 market-leading companies in fields such as software, semiconductors, mobile, medical devices, diagnostics and laboratory instrumentation.
About Firelake Captial
Firelake Capital is comprised of early-stage investors with a long-term investment horizon. The company aims to solve our world's most pressing problems through transformational, rather than incremental, change. Firelake invests in areas where new technologies or even an early-stage idea can significantly change the economics of current markets, including energy, water, material sciences and global supply chains.
About I2BF Global Ventures
I2BF Global Ventures is an international clean technology venture capital firm with a global investment mandate. Established in 2005, I2BF Global Ventures manages more than $190 million across four venture capital vehicles: I2BF Holdings I (a collection of managed accounts and investment vehicles), I2BF Venture Fund II, the Russia-Kazakhstan Nanotechnology Fund, which I2BF co-manages with VTB Capital, and late-stage venture fund I2BF-RNC Strategic Resources Fund. The mission of I2BF Global Ventures is to seek out innovative and competitive companies across the clean technology community, targeting sectors and technologies it believes can lead the path to a brighter future. Since the first portfolio company investment in 2006, I2BF Global Ventures has successfully completed 23 transactions.
About Peninsula Ventures
Peninsula Ventures is a Silicon Valley-based venture capital firm focused on investing in early-stage technology companies. The Peninsula team brings a wealth of experience having invested in and cultivated more than 100 technology companies during the last 20+ years. Peninsula works actively alongside world-class entrepreneurs in building the market-leading enterprises of the future. Peninsula invests in scalable, capital efficient, early-stage IT companies in the software, infrastructure, technology-enabled services, vertical applications and digital media sectors. Peninsula focuses on companies where there is unparalleled commitment, drive and passion by the entrepreneurs and then works hard alongside the entrepreneurs to make those companies successful. Having been in the business for more than two decades, the Peninsula team understands the nature of building companies and believes that the entrepreneurial spirit is essential for the success of any early-stage company. Peninsula brings this spirit along with its capital, perspective and insight to help build the next generation of great companies.
Scifiniti (www.scifiniti.com) is a materials company developing innovative solutions that enhance performance and significantly lower the cost of silicon-based products for energy and related markets. Headquartered in San Jose, Calif., Scifiniti is backed by Alloy Ventures, Firelake Capital Management, I2BF Global Ventures and Peninsula Ventures.