Ambient Photonics, a low-light solar photovoltaic cells company, secured $30 million in a series A2 funding round. The round was led by Fine Structure Ventures, affiliated with the parent company of Fidelity Investments, and included new investors Helios Climate Ventures, Regeneration.VC, and Sustainable Future Ventures. Existing investors I Squared Capital, Ecosystem Integrity Fund, and Cthulhu Ventures also joined the round.
Ambient will leverage the funding to expand its manufacturing capabilities and drive mass-market adoption of its low-light energy harvesting technology, which aims to replace disposable batteries in connected devices, such as remote controls, keyboards, mice, electronic shelf labels, and sensors.
The company’s technology revolves around the usage of dye-sensitized solar cells (DSSC). Ambient cells use an electrochemical system in which light-sensitive dye molecules harvest and produce energy. The solar cell dyes function in much the same way that chlorophyll behaves during photosynthesis, converting photons into energy according to the company’s technology brief.
“High-power, low-cost energy harvesting is an important prerequisite for electronics in line with consumer electronic companies’ environmental targets. Ambient’s tech is poised to redefine how we power connected devices and directly reduce e-waste and the harmful effects of single-use batteries,” said Dan Fishman, General Partner at Regeneration.VC.
“We recognize that disposable batteries and the toxic waste they create present an urgent problem for our planet,” said Jesse Johnson, Managing Director and Partner at Helios Climate Ventures.
Ambient’s technology was originally developed at the Warner Babcock Institute for Green Chemistry and funded at inception by Cthulhu Ventures. The company is currently working with global electronics manufacturers to deliver embedded solar cells across a range of disposable battery-powered devices.
According to Mercom’s 1H and Q2 2023 Solar Funding and M&A Report, In 1H 2023, global VC funding activity rose 3% YoY, with $3.8 billion in 33 deals compared to $3.7 billion in 53 deals in the first half of 2022.
Caelux Corporation, a company developing perovskite-based solar technology to enhance module efficiency, closed a $12 million Series A3 funding round, bringing the total Series A funding raised to $24 Million.