Israeli start-up Pythagoras Solar Ltd. has raised $10 million in its latest funding round. The round was led by Israel Cleantech Ventures, Pitango Venture Capital, Evergreen Venture Partners, and its existing investor, Precede Technologies also participated.
Pythagoras Solar is a solar energy company which is developing a photovoltaic technology. This is a photo-electric technology based on solar cells that convert sunlight into electrical power. The company was founded in 2006 by CEO Gonen Fink, formerly VP Products (R&D) and VP Solutions & Strategy at Check Point (Nasdaq: CHKP), and CTO Dr. Itay Baruchi, a physicist whose joint research on biological memory together with other scientists was described as one of the 50 most significant breakthroughs in 2007 by science magazine 'Scientific American," and Precede Technologies, which was founded by former Chromatis founder and CEO Orni Petruschka. The company had raised $2 million before the current round.
Pythagoras Solar is reluctant to divulge information about the products it is developing but claims that they "could bring about a marked change in the costs of producing electricity from solar energy." The products are due to unveiled in 2009.
Solar energy technology is growing at the highest rate among the energy industry sector with 48% annual growth since 2002.
"This field is not well-known in Israel but it is growing rapidly, and now totals $20 billion a year worldwide," says Fink. "Producing electricity with this method is expensive and quite a few companies are trying to find ways to bring costs down. This is our field of activity too."
The funds are earmarked for expanding the company's R&D activity in Israel and commercializing its technology.
Published by Globes [online], Israel business news - www.globes.co.il - on February 18, 2008
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