SiOnyx, a US-based developer of solar power semiconductors, has raised $12.5m in its series B round from a consortium including laser maker Coherent.
The other members of the investment consortium were venture capital firms Crosslink Capital, Vulcan Capital, Harris & Harris Group and Polaris Venture Partners.
In May, SiOnyx signed a joint development agreement with Coherent to develop light-absorbent materials for solar cell applications.
John Ambroseo, executive president of Coherent, said: "Coherent’s investment in SiOnyx, one of our strategic partners, reflects our confidence in the company and its technology to help us capture new opportunities in the photovoltaic industry as it continues to expand towards grid parity."
Stephen Saylor, chief executive of SiOnyx, said: "Our early success in delivering record-breaking performance in applications from simple light detection to thin-film photovoltaics has fueled our momentum. With this new funding, SiOnyx will launch our first commercial products and expand the suite of solutions offered to our strategic partners."
SiOnyx was incorporated in 2005, secured a licence from Harvard University in early 2006, and obtained $11m in venture financing from Harris & Harris, Polaris Venture Partners, and RedShift Ventures in 2007, according to news provider Xconomy.