VentureWire and Greentech Media report that SolarEdge Technologies raised $11.8 million in its first round of venture-capital funding. Still in stealth mode, SolarEdge is developing power-conversion technologies that combine hardware and software to improve solar-system efficiencies.
Based in Herzliya, SolarEdge was founded in 2006 by Lior Handelsman and Amir Fishelov. Handelsman and Fishelov apparently founded SolarEdge after leaving the IDF, where both served in management positions. The company's CEO is Guy Sella, who was most recently a partner at Star Ventures and commanded the Technology Unit of the IDF's Department of Military Intelligence in 2001-2002.
SolarEdge is backed by Genesis Partners, which classifies it as a "semiconductors" company that provides "energy harvesting solutions for solar photovoltaic systems." Other investors in this round were Walden International and Opus Capital, a new venture capital fund based in Silicon Valley with a focus on Israel-related companies.