BlueDot Photonics has announced that Hamamatsu Ventures USA, the North American venture group of Hamamatsu Photonics K.K. of Japan, joined its Series Seed financing. This closes its $1 Million Series Seed financing and will allow BlueDot Photonics to move faster towards its goal of reducing greenhouse gas emissions through faster deployment of solar power.
BlueDot's technology aims to lower the cost of solar power by up to 10% by improving energy yield in silicon solar panels by up to 16%. Long-term, BlueDot is committed to pushing solar panel efficiency and costs beyond the limits of current silicon technology. The lead investor for BlueDot's Series Seed financing was VoLo Earth Ventures. Other investors include Clean Energy Venture Group (CEVG) of Boston, MA, E8 of Seattle, WA, and VertueLab of Portland, OR.
Akira Hiruma, President and CEO of Hamamatsu Photonics K.K., said, "At Hamamatsu, we recognize that climate control issues are increasingly important. We've been impressed with BlueDot Photonics, which is developing a unique optical technology to improve the efficiency of solar power generation, and through investment, we hope to contribute to climate change countermeasures."
Jared Silvia, CEO of BlueDot Photonics, adds, "Having Hamamatsu as a strategic partner is a big win for us. They are photonics experts, and their engagement will help us avoid commercialization pitfalls and identify new opportunities for our products. This will also help BlueDot consider markets outside of North America as we grow in the future."