US-based solar technology company Tigo Energy secured $18m in financing yesterday from backers including investment holding company Clal and wireless communications company Inventec Appliances, both of which are also past investors.
The round was led by venture capital (VC) firm Bessemer Venture Partners, while previous investors include VC firm OVP Venture Partners, VC fund Israel Cleantech Ventures, private equity firm Matrix Partners and investment partnership Generation Investment Management.
The funding follows a $5m round raised by Tigo last month, with the company’s overall funding now topping the $50m mark. Tigo will invest the capital in expanding operations, with particular regard to manufacturing and international sales, where Tigo will look to increase the market for its SmartModule technology.
In conjunction with the financing, Umesh Padval, a partner at Bessemer, will join Tigo’s board of directors.