Tigo Energy, a Los Gatos, Calif.-based developer of technology to increase efficiency of commercial and residential solar installations, has raised $6 million in first-round funding. Matrix Partners and OVP Venture Partners co-led the round.
Tigo Energy, a solar company whose technology enables increased efficiency in commercial and residential solar installations, announced today it has raised $6 million in a round co-led by Matrix Partners and OVP Venture Partners.
“This investment will allow us to deliver lower cost of ownership and increased output power on solar installations, resulting in faster return on investment for our customers,” said Sam Arditi, co-founder and CEO of Tigo Energy.
Tigo’s co-founder, President and COO, Ron Hadar, said, “by working with energy service providers, panel manufacturers and system integrators, Tigo is mitigating several issues which currently result in sub-optimal solar production on new and existing solar installations.”
“Tigo is seizing a big opportunity and has a uniquely qualified founding team,” said OVP Venture Partner’s Managing Director John Hull, who will join Tigo’s Board of Directors. “Most solar panel installations today operate significantly below their rated output because of a variety of system issues. Tigo’s potential lies in its ability to dramatically increase this efficiency.”
“We are very pleased to be helping to build such an exciting company,” said Shirish Sathaye, General Partner at Matrix Partners. “The founding team is very strong and has the experience and focus to do what they’ve set out to do.”
Arditi and Hadar have extensive senior management experience both as entrepreneurs and within large companies. Arditi was a Vice President at Intel Corporation. Prior to Intel, he founded CTP Systems, a satellite and wireless systems company that merged with DSPC (NASDAQ: DSPC) and was then acquired by Intel in one of the largest cash acquisitions in Intel’s history. Hadar founded Tenta Technology and served as CEO until its acquisition by MKS Instruments (NASDAQ: MKSI), where he then served as Vice President.
The team is rounded out by Earl Powell, an entrepreneur with 35 years of experience in solar technologies, and Stuart Davis, who brings a unique combination of experience in solar and electrical engineering.
About Tigo Energy
Tigo Energy builds hardware and software intelligence into solar energy installations, making them more efficient, more manageable, and safer. Tigo’s advanced balance of system products deliver lower cost of ownership and increased output power on existing and new solar installations. http://www.tigoenergy.com/
About OVP Venture Partners
Now celebrating its 25th year, OVP Venture Partners has been leading the drive into new, high-growth technology markets in the Pacific Northwest since 1983. OVP makes early stage investments in communications, software, digital media, security, semiconductors, digital biology, cleantech and nanotechnology. The firms’ record of 52 liquidity events � including 22 IPOs � leads the region. OVP has over $750 million in capital under management and is currently investing its seventh fund. OVP has offices in Seattle, WA and Portland, OR. More information on the partnership is available at www.ovp.com.
About Matrix Partners
Matrix Partners is a venture capital firm focused on early stage investments in the communications, consumer Internet, mobile, semiconductor, and software sectors. The firm emphasizes long-term relationships with world-class entrepreneurs. Founded in1977, Matrix Partners ranks among the industry’s top-performing venture capital firms. Prior portfolio companies include Apple, JBoss, OpenWave, SanDisk, Sycamore Networks, and Veritas. The firm manages over $2.5 billion in assets from its offices in Boston, Silicon Valley, and India. For more information see http://www.matrixpartners.com.