Perovskite materials developer BlueDot Photonics (Seattle, WA) has raised $1 million in its Series Seed financing; the round was led by VoLo Earth Ventures, an early-stage VC that invests in the new energy economy through innovative products and technologies.
BlueDot Photonics has brought over $1.5 million in nondilutive grants and projects to help towards its goal of creating gigaton reductions in greenhouse gas emissions through faster deployment of solar power. The company’s quantum-cutting technology can lower the cost of solar power by up to 10% by improving energy yield in solar panels by up to 16%. Long-term, the company is committed to pushing solar panel efficiency and costs beyond the limits of current silicon technology. Other investors include Clean Energy Venture Group (CEVG; Boston, MA), who helped with investment syndication, and E8 (also in Seattle, WA).
As Kareem Dabbagh, Managing Partner of VoLo Earth Ventures points out, “The cost of solar has come down tremendously in the past two decades, making it cheaper than or competitive with most non-renewable energy generation in the U.S. Our investment in BlueDot and their quantum-cutting technology is really exciting, as it will accelerate this downward solar cost trend by making solar even more efficient with minimal changes to the existing supply chain and manufacturing process.”
Jared Silvia, CEO of BlueDot Photonics, adds that the collaboration with VoLo Earth and other investors will accelerate the company’s prototyping cycles and shorten its time to market.