IP Group has participated in a $1.7m funding round for Eight19, a solar panel technology spinout of the Cambridge-backed Advanced Photovoltaic Research Accelerator.
Eight19, a University of Cambridge spinout that develops organic solar panel technology, has raised £1.3m ($1.7m) from investors including commercialisation firm IP Group.
Lucros Investment, Clarium and Providence have also taken part in the round.
Eight19 was spun out of the Advanced Photovoltaic Research Accelerator in 2010, a joint venture between energy consultancy Carbon Trust and Cambridge Enterprise, University of Cambridge’s tech transfer office.
The spinout develops solar cells using thin film organic photovoltaic technology, which promise lightweight, lower-cost and more efficient solar energy panels than traditional materials.
The technology can be used indoors for wireless sensors in the home or in public spaces such as hotels, airports or shopping centres, in the retail space for on-shelf promotions and tracking logistics or for use in off-grid environments.
Eight19 said it would use the funding to advance its commercial relationships with customers.
In 2010, it received a £4.5m investment from the Carbon Trust and chemical company Rhodia.
The cleantech company launched a £5m series B round in early 2012, though no details of investments appear to have been widely reported.
In 2014, Eight19 raised £1m in a funding round led by IP Group and one of its funds and other unnamed investors.
Claudio Marinelli, general manager and vice-president of business development, said: “The funding will also enable the company to accelerate the commercialisation of a recent technology breakthrough at the Cavendish Laboratory, Cambridge University that could enhance the efficiency of conventional silicon solar panels by up to one quarter.”
