US-based smart glass developer Kinestral Technologies raised more than $100m yesterday in a series D round led by diversified conglomerate SK Holdings.
Alexandria Venture Investments, a subsidiary of life sciences real estate investment trust Alexandria Real Estate Equities, also contributed to the round, as did investment manager Capricorn Investment Group and venture capital firms 5AM Ventures and Versant Ventures.
Founded in 2011, Kinestral has developed a form of smart-tinting glass called Halio that can be integrated with existing building management and home automation systems, and which looks like regular glass when not tinted. Halio can be used both to block glaring sunlight and provide privacy.
Kinestral will use the funding to expand its manufacturing and sales activities and drive increased installations of Halio. It sells the product exclusively through Halio North America and Halio International, two joint venture companies formed with glass manufacturer AGC.
AGC led a $65m series C round for Kinestral in 2017, with contributions from Alexandria Venture Investments, semiconductor equipment maker Hermes-Epitek and UFJ Capital, a subsidiary of financial services firm Mitsubishi UFJ Financial Group, as well as Capricorn, 5AM Ventures and Versant.
Kinestral had previously secured approximately $57m in equity and debt financing, according to securities filings, from investors including Mitsubishi UFJ Capital, Alexandria Venture Investments, Capricorn, 5AM Ventures and Versant Ventures.
SK Holdings vice-president Jung Hoon Lee said: “After assessing the global opportunity for smart glass, it is clear to us that Kinestral has the most advanced technologies, the best product, and the manufacturing techniques that provide a clear path to high yields and lower cost, which makes their vision of bringing ‘Halio everywhere’ truly attainable.”
