A spin-out of Oxford University developing solar powered glass has raised £8m ($12.2m) in its series B round.
Oxford Photovoltaics (OPV) received support from MTI Partners, Oxford University, Longwall Venture Partners, Parkwalk Advisors, and a number of angels, all existing backers, in the round. It also attracted support from a number of internationally-based unnamed new investors.
The company has raised $22.8m in external fundraising in venture and grant funding since launching in 2010. Its primary photovoltaic technology is aiming to deliver cost effective coating for glass that generates solar power. Essentially, OPV is commercialising electricity generating stained-glass windows.
Kevin Arthur, CEO and Co-Founder of Oxford PV said “I am delighted to have raised more in this round than we targeted. In a very difficult market for solar investments, we exceeded our expectations and broadened our shareholder base. These funds will help accelerate our development and secure our leading global position in this exciting new technology.”