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Date Announced: 23 Aug 2010
New Investors in fluorescence imaging company include Applied Ventures LLC.
SYDNEY, AUSTRALIA, Aug 23, 2010 (MARKETWIRE via COMTEX) -- BT Imaging Pty Ltd (BTi), the world's leading supplier of luminescence-based inspection and quality control systems for the photovoltaic manufacturing industry, today announced the completion of its Series A2 financing round totaling US$3.8 million (A$4.5 million).
This round of financing includes existing investors Allen & Buckeridge and Uniseed, and new investor, Applied Ventures, LLC, the venture capital arm of Applied Materials, Inc. Applied Ventures is taking an equity stake in BT Imaging. The funds will enable BT Imaging to accelerate product development, launch global expansion plans, and strengthen and defend its portfolio.
"Securing additional funding in this challenging economic environment demonstrates investor confidence in BT Imaging's products and management," stated Ian Maxwell, CEO of BT Imaging. "Due to the yield and efficiency gains that our products enable, we are experiencing strong demand from manufacturers in multiple segments of the photovoltaic manufacturing industry. This financing provides us with additional R&D and product development capability, putting the company at least a year ahead of its original roadmap."
Not only can we enhance our current offerings, we can also provide the photovoltaic industry with new solutions to address critical yield challenges. As the world's largest supplier of equipment to the PV solar industry, we are very pleased that Applied Materials recognizes the unique strength of BTi's technologies and its potential for widespread adoption."
Demand for BT Imaging's inspection systems has been steadily increasing since the company's launch in 2008. The company's inspection and quality control systems are used by Tier 1 wafer and cell manufacturers in Europe, Australia, Taiwan, China, and Japan, with many key customers placing repeat orders. The company's first product, the LIS-R1, is being used by leading research institutions to qualify new photovoltaic manufacturing processes."
"As the solar industry continues to expand, we see an increasing need to address quality control applications to achieve higher production yields and optimized efficiency," stated J. Christopher Moran, Vice President and General Manager of Applied Ventures. "Our investment in BT Imaging aligns well with Applied Ventures' strategy of fostering innovative technology to help drive down the cost per watt of solar power."
BT Imaging's suite of inspection systems utilizes the company's proprietary photoluminescence imaging technology. With applications across the PV manufacturing supply chain, BT Imaging systems enable yield and cell efficiencies gains for PV manufacturing lines. With a focus on enabling customers to maximize their profits and reduce manufacturing cost, BT Imaging systems can be effectively used to predict cell performance, material quality control, identify process and material faults, and for process control and debug.
Source: BT Imaging
E-mail: wayne.mcmillan@btimaging.com
Web Site: www.btimaging.com
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