Enphase Energy, a Petulama, CA-based provider of solar energy management systems for residential and commercial markets, has secured $40m in a funding round led by Bay Partners.
The round also includes participation from Horizon Technology Finance, Bridge Bank (NASDAQ: BBNK) and existing investors Third Point Ventures, RockPort Capital Partners, Madrone Capital Partners and Applied Ventures LLC.
This financing will be used to fund the company’s expansion plans and further strengthen balance sheet.
Enphase Energy offers a system that includes high-efficiency microinverters, communications and Web-based monitoring and analysis.
Founded in 2006, the company is led by veterans from the solar and high-tech industries and backed by industry leaders.