EnterpriseWorks Incubator Graduates Semprius and Solarbridge Close on Large Rounds of Venture Capital Funding

Categories : EnterpriseWorks, Investments
Posted on: July 22, 2011

SolarBridge just raised a $19 million C round from existing investors Rho Ventures and Battery Ventures along with two unnamed new investors in the most recent round, one financial and one strategic, according to the firm. The company has raised more than $46 million to date. SolarBridge’s microinverter has been developed to mount directly onto solar modules rather than act as a standalone unit and boasts a 25-year warranty. Microinverters allow solar photovoltaic modules to harvest more energy and tolerate shade, and can simplify the design and installation process.The Austin-based startup began at EnterpriseWorks in 2004, they have now developmed partnerships with module manufacturers Hanwa Solar One, Kyocera, and SunPower.

Semprius, Inc., a leading innovator in high concentration photovoltaic (HCPV) solar modules, recently secured $20 million in its first tranche of Series C venture fundraising. Siemens Venture Capital led the investment round and was joined by ARCH Venture Partners, Applied Ventures, Illinois VENTURES, Intersouth Partners, In-Q-Tel and GVC Investment. Semprius will use the funding to construct a pilot HCPV module production plant, which will allow the company to scale up and optimize its process for subsequent large-capacity plants. Semprius builds its modules using novel processes that combine extremely tiny solar cells with low-cost, efficient optics that concentrate the incoming sunlight more than 1,000 times. The company is now located in Durham, NC; Semprius graduated from EnterpriseWorks in 2007.