1366 Technologies raises $5 M in Series C

What does 1366 Technologies do?

1366 Technologies, is a silicon wafer manufacturer, which are used to build the solar cells, at a fraction of the cost for which it is available today. 1366 Technologies Corporation aims to deliver solar power at the cost of coal.

The startup combines lean manufacturing processes with breakthrough technology innovations for producing a new class of silicon wafers, which are the basic building blocks for the solar cells, at a fraction of the cost.

How much 1366 Technologies was funded?

1366 Technologies raised $5 M in an extended Series C funding from Haiyin Capital.

Previous funding

• $5.2M in Venture round on February 3, 2010 from Polaris Partners and North Bridge Venture Partners & Growth Equity
• $20M in Series B funding on October 19, 2010 from North Bridge Venture Partners & Growth Equity, Hanwha Chemical Corporation, Vorndran Mannheims Capital and Polaris Partners
• $6M in Series B round on December 16, 2010 from Polaris Partners, North Bridge Venture Partners & Growth Equity and Vorndran Mannheims Capital
• $2.4M in Series B on January 14^th , 2011
• $3M  in Grant round on February 7, 2011 from S. Department of Energy
• $15M in Series C funding on October 15, 2013 from Energy Technology Ventures, Tokuyama, Polaris Partners, North Bridge Venture Partners & Growth Equity and VantagePoint Capital Partners
• $2.5M in Series C on December 12, 2013 from Vorndran Mannheims Capital

What is next for 1366 Technologies?

1366 technologies is going to use the latest fund to triple its workforce over the next year as it explores to a potential of IPO. Currently it has 60 employees which will change to 150 employees.

More about 1366 technologies

1366 technologies was found in 2007 by Frank van Mierlo and Emanuel M. Sachs. It has its headquarters in Bedford, MA.

The regular process of making solar wafers, involves wafer slicing sawed from large ingots of pure polycrystalline silicon, which involves many steps and is a complex process which wastes a lot of materials, uses a lot of labor and has high operational costs. The Direct Wafer technology of 1366 Technologies reduces this costly process into a continuous single step and delivers a superior wafer which can be used in over 80% of the global cell factories without the addition of even one new piece of equipment.