Soladigm secures $30 Million financing from GE and existing partners
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Milpitas, California: Soladigm, a developer of highly energy-efficient Dynamic Glass for next-generation buildings, announced that it has secured $30 million in Series C equity financing. The funding was led by DBL Investors and NanoDimension. It also included GE Energy Financial Services as well as existing investors Khosla Ventures and Sigma Partners. Dr. Rao Mulpuri, CEO of Soladigm said "We are grateful for the strong endorsement we are receiving with this significant infusion of capital from our financial partners. In addition to our funding, we are honored to have been among the esteemed list of GE ecomagination Challenge winners and are excited to partner with a global leader like GE to drive advancements in building technology." GE selected Soladigm as one of 12 business partners for investment and commercial partnerships through its ecomagination Challenge, a $200 million challenge for entrepreneurs, innovators and students to share their best ideas on how to build the next-generation power grid. Kevin Skillern, managing director of venture capital at GE Energy Financial Services said "GE is dedicated to driving innovation in generation, transmission, and energy use, and our ecomagination Challenge supports visionary companies such as Soladigm that are bringing game-changing technologies to market." This investment by GE Energy Financial Services is part of the $200 million Challenge, which selected Soladigm for its window technology that electronically switches glass from clear to tinted, enabling control of heat and glare. It can reduce HVAC energy usages by 25 percent and peak load by 30 percent in commercial buildings. Combined with previously announced Mississippi state manufacturing financing and other arrangements, the funding will allow Soladigm to build and launch high-volume commercial operations and develop sales and marketing channels. Concurrent with the financing deal, Cynthia Ringo, Managing Partner at DBL Investors, joined Soladigm's Board of Directors.

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