Integrated Photovoltaics (IPV), a Sunnyvale, CA-based developer of next-generation photovoltaic solutions, has closed an $8.5m Series A round of financing.
The round was led by Peninsula Ventures, with participation from new investor I2BF and existing investors Alloy Ventures and Labrador Ventures.
The funds will be used to continue development of IPV’s 3rd-generation photovoltaic solution, which is designed to reduce the cost of generating electricity. The company is still in stealth mode.
In conjunction with the financing, Sam Lee from Peninsula Ventures and David Waserstein from I2BF will join Dan Rubin from Alloy Ventures on the IPV board.