Utilight Ltd., a Tel Aviv, Israel-based developer of non-contact 3D laser printing technology for high-volume manufacturing of printed electronics including PV solar cells, raised $2.9m in Secured Convertible Notes.
Backers included a strategic investor in Israel (from the polymers’ industry), SCI Advanced Technology Fund and high net worth Asian investors, which joined current investors Robert Bosch Venture Capital (RBVC), Waarde Capital and I2BF Global Venture, among others.
The company, which is also being supported by the Israeli Office of the Chief Scientist (OCS) in the amount of approximately $3M, will use the funds to execute its market penetration initiative targeting top 20 global PV manufacturers in China and Taiwan.
Founded in 2009 and led by Dr. Giora Dishon, CEO and Chairman, Utilight has developed laser 3D PTP™ printing technology that enables improvements for metal grid fingers, such as on solar cells. The system recently moved from beta testing to production integration at one of the world’s largest PV manufacturers.
The company plans to begin marketing a $15M Series B in the 2nd quarter of 2016.