Pythagoras Solar raises $10m from Israel Cleantech, Pitango, and Evergreen

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.

Gemini co-founder Tali Aben to leave fund; will remain on board of Xjet Solar

Sources inform "Globes" that Tali Aben has recently announced her decision to leave Gemini Israel Funds, the venture capital firm in which she is a partner. Gemini manages $686 million, is in the process of raising a $200 million fifth fund, and has an active "Greentech" portfolio.

Aben will not be a partner in the fifth fund, but she will continue to sit on the board of Xjet Ltd., a Gemini portfolio company developing an innovative deposition technology for solar cell manufacture. Xjet raised $9 million in a first found of financing in November 2007 from Gemini, Swiss investment fund Good Energies, Taiwanese semiconductor equipment manufacturer Spirox and private investors.

Xjet is based in Rehovot. According to Good Energies, Xjet's "vision is to redefine solar cells cost efficiency through the introduction of innovative, next generation deposition technologies. Xjet is among the first companies in the world to focus on the solar fab and provide the solar cell manufacturers with dedicated highly efficient tools."

Tali Aben was one of Gemini's founders and blogs at "Israeli VC on Sand Hill Road". According to Aben, "I wanted to get out and look for something I could believe in and work with, or in the framework of which I could do something big. That search takes time. You can't do it while you're working. After thirteen years, which is a very long time, the decision was hard, but the best time is between two funds."

For additional background information on Xjet, see:

"Solar energy start-up Xjet raises $9m"

Solar energy start-up XJet raises $9m

According to Globes, Israeli start-up XJet Ltd. has raised $9 million in its first financing round from Gemini Israel Funds, Swiss investment fund Good Energies, Taiwanese semiconductor equipment manufacturer Spirox and private investors.

XJet is currently operating stealth mode. According to a press release, the company's vision is to redefine solar cells cost efficiency through the introduction of innovative, next generation deposition technologies. Helping an oil free world future, the solar energy industry has to dramatically grow its capacity and accelerate its cost reduction. XJet is among the first companies in the world to focus on the solar fab and provide the solar cell manufacturers with dedicated highly efficient tools.

This is the second cleantech investment by Gemini Israel Funds. In August, the firm invested in efficient lighting company Metrolight.

Ofir Baharav, XJet's CEO, said, “For years Hanan Gothait, President and CTO, and I have been aspiring to combine our skills and create a meaningful company. Accelerating the adoption of solar-generated, environmentally friendly energy sources is a most worthy cause. We feel fortunate to receive the backing of such a prestigious investment consortium; this is a critical step towards realizing our mission”