SolarEdge Technologies Ltd has completed a $23 million financing round. Vertex Venture Capital led the round, and was joined by the company's current investors, Genesis Partners, Walden International, and Opus Capital.
It is a sign of the times that Vertex, an Israeli fund, led the round, rather than the US funds Walden International and Opus Capital.
SolarEdge is developing advanced power-harvesting solutions for photovoltaic arrays that will lower the average cost per watt produced. The company's solution includes chipsets and software that improve the power conversion capacity of photovoltaic panels, which makes them more economically viable.
SolarEdge CEO Guy Sella and VP product development Lior Handlesman founded the company in 2006 together with Amir Fishelov, Meir Adest, and Yoav Galin. The company has raised $35 million to date.
Published by Globes [online], Israel business news - www.globes-online.com - on December 18, 2008
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