CHAMPAIGN – SolarBridge Technologies has secured $15 million in Series "B" funding that will help the company finish testing and certification of microinverters and ramp up production of them.
The company – formerly known as SmartSpark Energy Systems – is based in Austin, Texas, but continues to have a research and development office in the University of Illinois Research Park in Champaign.
About 10 work in Champaign, while about 20 work in Austin, said Ron Van Dell, the company's president and chief executive officer.
A new investor, Rho Ventures, led the latest financing round. Battery Ventures, which led Series "A" funding, also participated in the new round.
Money raised will be used, among other things, to expand SolarBridge's operations, sales and marketing teams.
SolarBridge has been developing microinverters that reduce the levelized cost of energy for solar-power installations by improving system reliability, increasing energy production and simplifying installation.
The company's products are expected to include: