Sources inform ''Globes'' that photovoltaic systems optimization solutions developer Tigo Energy Inc. has obtained $10 million in a financing round led by Israel Cleantech Ventures Funds. Current investors, US venture capital funds Matrix Partners and OVP Venture Partners, participated in the round. The new investment comes one year after Tigo raised $6 million. CEO Sam Arditi and president and COO Ron Hadar co-founded the company.
Since the launch of Tigo's first product, the Maximizer, the company has been courted by leading US cleantech venture capital funds, with investment offers at a company value in excess of $20 million, triple the $7 million company value for its previous financing round. Arditi and Hadar accepted one of the offers, even though the company reportedly still has half the proceeds from its previous financing round available.
Tigo is headquartered in California and has an R&D center in Kfar Saba, run by VP power products R&D Mordechay (Modi) Avrutsky.
In October 2008, Clal Industries and Investments Ltd. (TASE: CII) subsidiary Clal Energy Ltd. acquired 10% of Tigo for $1.7 million.
Published by Globes [online], Israel business news - www.globes-online.com - on May 26, 2009
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