QBotix, the US-based developer of a solar tracking system utilising intelligent mobile robots, has received $12m in financing in a series B round including European utilities E.ON and Iberdrola.
In addition to their energy retail activities, E.ON and Iberdrola both maintain considerable solar asset portfolios. The energy companies were joined in the round by QBotix’s existing backers, New Enterprise Associates, Firelake Capital Management and Draper Nexus.
All three invested in a $5m round in series 2012 that also featured Siemens Venture Capital, the corporate venturing arm of industrial manufacturer Siemens, and a $6.5m round the following year that included both Siemens and Draper Fisher Jurvetson.
“We are very excited to welcome E.ON and Iberdrola, as investors and strategic partners,” said Wasiq Bokhari, chief executive of QBotix. “As diversified global energy companies, their commitment to QBotix validates our strong value proposition.”
QBotix will use the funding to expand its workforce, ramp up its manufacturing and improve its reach within the market.