(CORRECTED: Corporate logo of Scifiniti was updated)
In an announcement, Scifiniti said that the company was able to raise US$10 million in Series B funding from current investors Peninsula Ventures, I2BF Global Ventures, Firelake Capital and Alloy Ventures. The proceeds would be used to market the company's first project, SmartWafer.
SmartWafer is drop in replacement photovoltaic silicon based wafer that costs ultra low in manufacturing and maintenance. The company has been immersed in engineering solar cell materials for future use. The design of the wafer is ultrathin deposited silicon layer on a conductive substrate. Being a drop in replacement, there is no need for new machinery or processes to manufacture the product.
Alloy Ventures General Partner Dan Rubin, "When we invest, we are looking for companies that have disruptive technologies for very large markets, The wafer market for solar cell manufacturing is a multi-billion dollar market and continues to grow. The cost advantage of SmartWafer and their cutting-edge manufacturing approach puts Scifiniti in a leadership position to deliver solutions that will allow their customers to produce and sell modules that will have a significant impact on the solar market."
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