Applied Ventures, the corporate venturing division of US-based technology company Applied Materials, has joined the consortium backing the extended series A round for BT Imaging (BTi), an Australia-based supplier of inspection equipment for solar panels.
BTi raised A$4.5m ($3.8m) in its series A2 round after closing its series A at A$3m in May 2008. Both A rounds also included funding from Australia-based venture investors Allen & Buckeridge, which has computer company IBM as one of its limited partners, and Uniseed, a university seed fund.
Ian Maxwell, chief executive of BTi, said: "This financing provides us with additional R&D [research and development] and product development capability, putting the company at least a year ahead of its original roadmap. As the world’s largest supplier of equipment to the PV [photo-voltaic] solar industry, we are very pleased that Applied Materials recognizes the unique strength of BTi’s technologies and its potential for widespread adoption."
Christopher Moran, general manager of Applied Ventures, which outside of the US has made investments in Japan, the Netherlands, Germany, Israel, Canada, India and China, said: "Our investment in BT Imaging aligns well with Applied Ventures’ strategy of fostering innovative technology to help drive down the cost per watt of solar power."