Bright Capital
Bright Capital: Pentalum Technologies Raises $5.5M in round C Led by Bright Capital
Bright Capital / Key word(s): Investment Rehovot, Israel- Thursday, Feb 21st, 2013 Pentalum Technologies, which develops the SpiDAR, a cost effective wind LiDAR for remote sensing of wind, has raised $5.5 Million in round C – funding that will be used to keep up with growing demand from customers, expand production capacity and accelerate Pentalum's penetration into new and growing wind energy markets. Series C round was led by a new VC investor – Bright Capital, where this investment is their first in Israel. All existing investors of Pentalum participated in the round, including Cedar Fund, Evergreen Venture Partners, ABB and DFJ. 'We welcome Bright Capital on board and appreciate the continuing support from our current investors' said Sagie Tsadka, co-founder and CEO, Pentalum. 'Since launching the SpiDAR wind LiDAR in mid-2012, Pentalum has delivered more than 50 SpiDAR systems to customers worldwide and this new investment will assist us to answer the growing demand for the SpiDAR system and to meet our forecast to 2013 and 2014' add Tsadka. Gal Israely, Managing partner at Cedar Fund added: 'Pentalum has done an outstanding job of penetrating the market and as we accelerate our growth, we are very pleased to broaden the investors' base with Bright Capital that adds strong presence in new markets' 'We are excited about the opportunity to invest in Pentalum' noted Boris Ryabov, Managing Partner at Bright Capital, which led the current investment round. 'I believe we will be able to utilize our broad network of connections to industrial companies in Russia and CIS to help Pentalum expand into new and promising wind energy markets with its unique SpiDAR technology.' About Pentalum Pentalum develops the SpiDAR(TM) – an innovative, cost-effective pulse wind LiDAR (Light Detection and Ranging) system, for remote sensing of wind. The SpiDAR's unique architecture enables the use of common, reliable components, allowing Pentalum to maintain lower production costs – a saving that is passed onto the customer – and making the SpiDAR affordable to enable wind farms developers and operators to deploy multiple units in a single site; providing better, more precise wind measurements. Pentalum is committed to providing its customers with advanced wind sensing technology and high quality engineering support. About Bright Capital: Bright Capital is an independent venture capital firm that invests globally in a wide range of promising companies. Its investments are made across multiple product types in energy and resource efficiency, clean technology, industrial biotech. The firm works as a merchant venturing entity in a multi-corporate model, building bridges between USA, Russia & CIS, Middle East and South Eastern Asia. In addition to financial investments and managerial expertise, Bright Capital provides its portfolio companies with direct access to the markets of Russia and CIS through its network of connections to industrial companies. Bright Capital strategically co-invests with top-tier venture funds and corporate partners. End of Corporate News 21.02.2013 Dissemination of a Corporate News, transmitted by EquityStory.RS, LLC – a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. EquityStory.RS, LLC’s Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de |
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