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Date Announced: 15 Feb 2011
The Westly Group and Navitas Capital join existing investors in the oversubscribed round.
MILPITAS, Calif.--(BUSINESS WIRE)--Soladigm, a developer of highly energy-efficient Dynamic Glass for next-generation buildings, announced today that it closed additional financing to the previously announced $30 million Series C funding, bringing the total Series C equity financing to $40 million. New investors The Westly Group and Navitas Capital join existing investors to complete the financing. Concurrent with the announcement, The Westly Group Managing Partner Gary Dillabough, who leads the firm’s Smart Building Practice, joins Soladigm’s Board of Directors.
“Dynamic glass facades and windows will revolutionize building design and have the potential to be one of the most impactful technologies for improving energy efficiency,” said Mr. Dillabough. “We have been closely following this space for more than two years and have seen Soladigm emerge as the front-runner. The company has made significant technical advances and assembled a world-class team to bring high-quality, affordable Dynamic Glass to market and I look forward to working with the Soladigm team to drive widespread adoption of the technology.”
Soladigm continues to achieve significant milestones toward high-volume production. Soladigm’s Dynamic Glass, which electronically switches from clear to tinted on demand, enables control of heat and glare in buildings while providing greater comfort, uninterrupted views, and natural daylight. Soladigm Dynamic Glass windows will reduce HVAC energy usage by 25 percent and peak load by 30 percent in commercial buildings.
“The oversubscribed funding round is a testament to the progress the Soladigm team has been making towards commercializing our Dynamic Glass technology. We are proud to welcome The Westly Group and Navitas Capital as new investors and Gary Dillabough to the Soladigm Board,” said Dr. Rao Mulpuri, CEO of Soladigm. “Gary’s experience and strong connections in the building materials space make him an invaluable addition to our Board, and we look forward to working together to build a great company.”
Source: Soladigm
E-mail: Soladigm@schwartz-pr.com
Web Site: www.soladigm.com
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