Pythagoras Solar, a solar energy company developing innovative photovoltaic technology, announced today the successful completion of a $10 million Series A financing round, led by Israel Cleantech Ventures and joined by Pitango Venture Capital and Evergreen Venture Partners. Pythagoras Solar, the first company that was conceived and incubated within Precede Technologies, will use the funds for Israel-based R&D and global commercialization of its technology and products that have "the potential to change the economics of solar power."
"Solar energy is the ultimate answer to the global quest for renewable energy," said Gonen Fink, CEO and co-founder of Pythagoras Solar. "We are very pleased to be supported by the leading venture capital funds in Israel and with the strong traction our technology has received from the industry. We look forward to building a world-class team of scientists and engineers who are prepared to tackle the multidisciplinary challenges that the photovoltaic industry is facing as it grows into a substantial factor in the world energy market."
Fink elaborated, "Those challenges combine software models, optic and system design, semiconductor processes, materials science, and mass manufacturing techniques to build cost-effective, highly durable solar energy products."
Pythagoras Solar was founded in 2006 by Fink, previously at Check Point Software, Dr. Itay Baruchi, a winner of the the Scientific American magazine's "50 most significant scientific breakthroughs" award, and Precede Technologies. The company, which expects to disclose more details about its technologies and products by early 2009, has an R&D center in Hakfar Hayarok, Israel and a U.S. office in San Mateo, California.
Following the round, Pythagoras Solar's board will include Meir Ukeles of Israel Cleantech Ventures; Boaz Dinte, Managing Partner of Evergreen Venture Partners; Chemi Peres, Managing General Partner of Pitango Venture Capital; and Orni Petruschka, a partner at Precede Technologies.
This investment in Pythagoras Solar follows other recent venture capital investments in Israeli solar technology companies, including a $9m investment in Xjet Solar, and an $11.8m investment in SolarEdge Technologies.