Clean energy semiconductor developer MTPV closed its series B funding on Thursday, raising $10m from investors including Applied Ventures, the corporate venturing fund belonging to Applied Materials.
The round was completed with a $3.25m follow-on investment by Applied and investment firm Northwater Capital Management.
MTPV formerly raised $6.75m, in September 2011, in a round that featured Applied, as well as private equity fund Spinnaker Capital Partners, Ensys Capital, the Massachusetts Clean Energy Center and the Clean Energy Group.
In addition to $375,000 of debt financing obtained in March 2011, MTPV raised $2.6m in two separate rounds going back to 2008.
MTPV’s produces a range of semiconductor chips capable of turning heat into electricity, a product which complements Applied’s own range of semiconductor chips, used for products including solar energy.
J. Christopher Moran, corporate vice president of Applied Ventures, said at the time of the round’s first tranche: "MTPV represents an intersection between the semiconductor and energy worlds, two large markets that align well with Applied Materials’ core expertise. We are pleased that this investment will be used to support the development of products for making alternative energy and environmental solutions more accessible and affordable."
In a move tied in with the round, MTPV is also remodelling its corporate structure, changing its name from MTPV to MTPV Power Corporation.