Series C round was led by a new VC investor - Bright Capital
, where this investment is their first in Israel. All existing investors of Pentalum participated in the round, including Cedar Fund
, Evergreen Venture Partners
. “We welcome Bright Capital on board and appreciate the continuing support from our current investors” said Sagie Tsadka, co-founder and CEO, Pentalum. “Since launching the SpiDAR wind LiDAR in mid-2012, Pentalum has delivered more than 50 SpiDAR systems to customers worldwide and this new investment will assist us to answer the growing demand for the SpiDAR system and to meet our forecast to 2013 and 2014” add Tsadka.
Gal Israely, Managing partner at Cedar Fund added: "Pentalum has done an outstanding job of penetrating the market and as we accelerate our growth, we are very pleased to broaden the investors' base with Bright Capital that adds strong presence in new markets"
“We are excited about the opportunity to invest in Pentalum” noted Boris Ryabov, Managing Partner at Bright Capital, which led the current investment round. “I believe we will be able to utilize our broad network of connections to industrial companies in Russia and CIS to help Pentalum expand into new and promising wind energy markets with its unique SpiDAR technology.”
About Bright Capital:
Bright Capital is an independent venture capital firm that invests globally in a wide range of promising companies. Its investments are made across multiple product types in energy and resource efficiency, clean technology, industrial biotech. The firm works as a merchant venturing entity in a multi-corporate model, building bridges between Silicon Valley, Arab world, Russia & CIS, South Eastern Asia. In addition to financial investments and managerial expertise, Bright Capital provides its portfolio companies with direct access to the markets of Russia and CIS through its network of connections to industrial companies. Bright Capital strategically co-invests with top-tier venture funds and corporate partners.