Sunnyvale, California (PRWEB) March 26, 2010
Integrated Photovoltaics (IPV) today announced that it has closed an $8.5 million Series A round of financing led by Peninsula Ventures, an early-stage venture capital firm. New investor I2BF also participated in the round, along with IPV ’s existing investors Alloy Ventures and Labrador Ventures. The funds will be used to continue development of IPV's 3rd-generation photovoltaic solution, which is designed to dramatically reduce the cost of generating electricity. The company is still in stealth mode.
With this new round of funding, Sam Lee from Peninsula Ventures and David Waserstein from I2BF will join Dan Rubin from Alloy Ventures on the IPV board.
"IPV's technology will have significant implications for the market, and the company's capital-efficient approach will allow them to address a very sizable market opportunity with VC-levels of capital,” said Sam Lee, Peninsula Ventures.
“We are excited to be working with IPV - we believe their breakthrough technology will bring a step change reduction in the cost of solar energy,” said David Waserstein, I2BF.
About Integrated Photovoltaics
Integrated Photovoltaics is a leading developer of next-generation photovoltaic solutions. Integrated Photovoltaics is a privately held company headquartered in Sunnyvale, Calif.
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 over the last 20 years. Peninsula works actively alongside world-class entrepreneurs in building the market leading enterprises of the future. For more information, please visit http://www.peninsulaventures.com.
I2BF is an international renewable energy and clean technology fund management group focused on venture capital and public equity activities in the United States, Europe and Asia Pacific. Established in 2005, I2BF has above $95 million in assets under management across its flagship I2BF Holdings One and the I2BF Arbat Technology Fund, a quantitative hedge fund launched in 2008 with more than $25 million under management. For more information, please visit http://www.i2bf.com.
About Alloy Ventures
Alloy Ventures is an early-stage venture capital firm with over $1 billion under management. They have helped start and cultivate more than 200 successful companies in the fields of information technology and life sciences including such leading companies as Amgen, AMCC, Applied Biosystems, Aspect Communications, CV Therapeutics, IDEC Pharmaceuticals, Nuance, Octel, PMC-Sierra, Red Brick Systems, Remedy and Verity to name a few. For more information, please visit http://www.alloyventures.com.
About Labrador Ventures
Founded in 1989, Labrador Ventures is one of the oldest, premier seed stage funds in Silicon Valley. With over $200 million under management, Labrador has invested in more than 90 companies over the last 19 years, helping transform the way we work, communicate and transact business. For more information, please visit http://www.labradorventures.com.