Tigo Energy, a Los Gatos, California-based developer of SmartModule™ technology for photovoltaic (PV) solar installations, has raised $18m in funding.
The round was led by Bessemer Venture Partners, with participation from all existing investors.
The company intends to use the funding to expand manufacturing and focus on international sales.
In conjunction with the investment, Umesh Padval, a partner in Bessemer’s Menlo Park, Calif., office, will join Tigo Energy’s Board of Directors.
Founded in 2007, the company focuses on applying innovative technologies to the solar PV space. Its energy maximizer solution is designed to enable owners of PV projects of any size (residential, commercial or utility scale) to increase financial returns by improving power production, ensuring peak system up-time and reducing the cost of operations and maintenance.
The technology is now being integrated by module OEMs such as Hanwha SolarOne, UpSolar, and Trina Solar to streamline installation and reduce system costs.
Tigo Energy has offices in the United States, Japan, Germany, Italy, France, China and Israel