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GE, Khosla Ventures, and 3 Others Pour $30M into Soladigm
Soladigm, a developer of highly energy-efficient Dynamic Glass for next-generation buildings, announced today that it has secured $30 million in Series C equity financing. Combined with previously announced Mississippi state manufacturing financing and other arrangements, the funding will allow Soladigm to build and launch high-volume commercial operations and develop sales and marketing channels.
The Series C equity funding, led by DBL Investors and NanoDimension, includes GE (NYSE: GE) unit GE Energy Financial Services as well as existing investors Khosla Ventures and Sigma Partners.
“Soladigm is on a mission to bring high-quality Dynamic Glass to the market at affordable prices to drive widespread market adoption and reduce energy consumption in buildings while improving the wellbeing of occupants. The ingenuity, hard work, and dedication of Soladigm’s employees have enabled us to make significant advancements in our technology in a short time,” said Dr. Rao Mulpuri, CEO of Soladigm.
Last month, GE selected Soladigm as one of 12 business partners for investment and commercial partnerships through its ecomagination Challenge, a $200 million challenge for entrepreneurs, innovators and students to share their best ideas on how to build the next-generation power grid.
This investment by GE Energy Financial Services is part of the $200 million Challenge, which selected Soladigm for its window technology that electronically switches glass from clear to tinted, enabling control of heat and glare. It can reduce HVAC energy usages by 25 percent and peak load by 30 percent in commercial buildings.
The company hasn't published any green job creation figures; TheGreenJobBank team will watch Soladigm's job postings closely over the next few months.