US-headquartered electrochromic glass producer Ambilight has collected ‘hundreds of millions of dollars’ in series C funding from investors including electric vehicle manufacturer BYD.
The round was led by private equity firm Warburg Pincus and backed by Nio Capital, the venture capital firm launched by electric carmaker Nio, as well as Pagoda Investment and Cygnus Equity, the last of which was also financial adviser on the deal.
Founded in 2017, Ambilight has developed electrochromic glass (a type of glass with properties which are altered when light and heat are applied) with low haze and minimal power consumption as well as high compatibility with curved surface and extreme temperature.
The company had previously raised ‘tens of millions of US dollars’ in a series B round co-led by Matrix Partners China and CPE Yuanfeng in March 2021, it said. It had closed a $20m series A round in led by Maison Capital in February 2020, according to press reports.
Li Qian, secretary of the board of directors and general manager at BYD, said: “In the future, BYD will work side by side with Ambilight to build an ecosystem and use cutting-edge technology to promote the coordinated development of the two parties and the realisation of the dual-carbon goal.”
Image courtesy of Shenzhen Guangyi Technology Co., Ltd.