Zolo Technologies Inc., a Boulder, Colo.-based developer of optical gratings, has raised $12.5 million in Series D funding. Siemens Venture Capital and El Dorado Investment Co. (venture arm of PinnacleWest Capital Corp.) co-led the deal, and were joined by return backers like Canaan Partners, Crescendo Ventures, and Morgenthaler Ventures. The company now has raised around $68 million in total VC funding, including a $5 million Series C round in 2005 at a post-money valuation of around $49 million. www.zolotech.com
BOULDER, Colo., Feb. 7 — Zolo Technologies, Inc. today announced the completion of a $12.5 million series D round of equity financing co-led by strategic investors Siemens Venture Capital and El Dorado Investment Company (the venture arm of PinnacleWest Capital Corporation, owner of Arizona Public Service). Existing investors, Canaan Partners, Crescendo Ventures, and Morgenthaler, among others, also participated in the round.
“Zolo Technologies is perfectly positioned to help mitigate growing concerns about the efficient and clean generation of energy as well as global climate change,” said Todd Jaquez-Fissori, investment partner of Siemens Venture Capital. “Their products also dovetail extremely well with several business interests of Siemens Power Generation.”
John Finn of El Dorado Investment Company agreed: “Zolo's sensor technology has the capability to make an immediate monetary impact at utilities both in terms of bottom line operational efficiency and greenhouse gas reductions”.
Henrik Hofvander, CEO of Zolo, continued: “We are extremely pleased to have Siemens and El Dorado as strategic investors. The expertise that both investors provide in our market will be invaluable as we move forward. The funding will allow Zolo to significantly ramp its deployment of sensors for coal-fired power plants, and to develop sensors for other industrial applications.” Hofvander added, “Siemens AG and Arizona Public Service, the business arms of our new investors represent very large potential customers, as well as strategic business partners.”
About Zolo Technologies, Inc.:
Zolo Technologies, Inc. is the leading supplier of high technology sensor and monitoring equipment designed to improve the efficiency and reduce harmful emissions (including greenhouse gasses) from large combustion sources such as coal-fired power plants and gas turbines. Existing customers include: TVA, PRPA, PacifiCorp, Texas NRG, Xcel Energy, Constellation, CPS Energy, and the Department of Defense. More information about Zolo Technologies, Inc. can be found at http://www.zolotech.com .
About Siemens Venture Capital:
Siemens Venture Capital (SVC) is the 700 million euro corporate venture organization for Siemens AG, one of the largest global electronics and engineering companies, with reported worldwide sales of 87.3 billion euros in fiscal 2006. SVC's goal is to identify and fund investments in emerging and innovative technologies that will enhance the core business scope of Siemens, particularly in automation and control, medical solutions, information and communications, power, automotive technology and transportation systems, and lighting.
To date, SVC has invested some 700 million euros in well over 100 startup companies and 30 venture capital funds, mainly in the U.S., Europe and Israel, thus playing a key role in the global network of innovation. SVC is located in Germany (Munich), in the U.S. (San Jose, CA and Boston, MA), in China (Beijing and Shanghai), in India (Mumbai and Bangalore), and is active through Siemens