Tigo Energy, a US-based solar power technology developer backed by corporate investors Inventec Appliances and SMA Solar, has raised $20m in a round led by investment firm Energy Growth Momentum.
Founded in 2007, Tigo is working on module-level power electronics: devices that help boost solar photovoltaic (PV) energy systems’ performance in unfavourable weather conditions. It will use the cash to further develop its product line and grow its business.
The company received $24.1m in funding in 2016 according to a securities filing, through a deal that involved solar energy equipment manufacturer SMA Solar Technology paying $20m to acquire a 27% stake.
Tigo had previously secured $5.5m in convertible note financing across two rounds in 2015 and 2016. It had already collected $3.5m in May 2015, following an $8m round two months earlier.
Undisclosed investors provided $19.6m in equity funding across rounds in 2013 and 2014 before the company raised $3.3m in convertible debt financing in two 2014 rounds, according to securities filings.
Alon Ventures led Tigo’s $13.1m series E round in 2013 after an $18m round from investors including communication equipment maker Inventec Appliances Corporation in December 2011.
Tigo closed a $5m in series C tranche the month before that included Israel Cleantech Ventures and Generation Investment Management, the latter having supplied $10m earlier in the same year.
Inventec Appliances had already led a $10m series C close for the company in 2010, investing alongside unnamed existing shareholders. It had previously completed a $10m series B round in 2009 and another sized at $6m the year before.
