Ubiquitous Energy secured $5.8 million in its Series A financing. Los Angeles-based Riverhorse Investments led the financing with oversubscribed participation from a syndicate of investors, including follow-on from existing investors Arunas Chesonis and Cranberry Capital. In connection with the financing, Vladmir Bulovi?, MIT School of Engineering's Associate Dean for Innovation, and Susan Casey Stone, a Partner at Riverhorse, have joined Miles Barr and Arunas Chesonis on the companys Board of Directors.
The Series A financing builds on Ubiquitous Energys initial $1.0 million seed round, which, along with grants from the National Science Foundation, has allowed Ubiquitous Energy to establish its ClearView PowerTM technology as the premier approach for invisible energy harvesting coatings. The financing will enable Ubiquitous Energy to expand its technology development team, establish a full-scale prototyping facility, and execute on joint development with its first commercial partners.
Ubiquitous Energy was founded in 2011 as a spin-out of the Massachusetts Institute of Technology and comprises professionals with both technical and business experience that extends deep into the field of thin-film electronics, photovoltaics, and energy.
The companys ClearView PowerTM technology is based on proprietary device architectures that exploit the unique light harvesting characteristics of new molecular materials.
By selectively harvesting non-visible light (ultraviolet and near infrared), ClearView PowerTM offers the best combination of power conversion efficiency, visible light transmittance, and minimal color impact available. These coatings represent a cost-effective platform that enables everyday surfaces to convert ambient light into useful electricity without impacting the way they look, seamlessly enhancing the functionality of products such as mobile electronic displays and building windows.
