Wind sensor company Pentalum Technologies Ltd. has raised $5.5 million in a third round of financing. The proceeds will be used to keep up with growing demand from customers, expand production capacity and accelerate Pentalum’s penetration into new and growing wind energy markets. The Rehovot-based company is developing the SpiDAR, a cost effective wind LiDAR for remote sensing of wind.
The Series C round was led by Bright Capital, a new venture capital investor making its first investment in Israel. All Pentalum's existing investors participated in the round, including Cedar Fund, Evergreen Venture Partners, ABB and DFJ.
Pentalum CEO and co-founder Sagie Tsadika said, “Since launching the SpiDAR wind LiDAR in mid-2012, Pentalum has delivered more than 50 SpiDAR systems to customers worldwide and this new investment will assist us to answer the growing demand for the SpiDAR system and to meet our forecast to 2013 and 2014”
Bright Capital managing partner Boris Ryabov said, “I believe we will be able to utilize our broad network of connections to industrial companies in Russia and CIS to help Pentalum expand into new and promising wind energy markets with its unique SpiDAR technology.”
Published by Globes [online], Israel business news - www.globes-online.com - on February 19, 2013
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