Konarka Technologies, Inc. has raised $20 million in venture capital financing. The financing was led by 3i, a venture capital and private equity firm.
Existing investors, including Draper Fisher Jurvetson, New Enterprise Associates, Good Energies, Vanguard Ventures, Partech International and Chevron Technology Ventures, also participated in the round. Konarka plans to use this round of funding to accelerate further growth, continue to execute on its global partnering strategy and to support ongoing research and development efforts.
Concurrent with the funding, Marko Maschek, partner with 3i, and Michael Ware, managing director at Advanced Capital Markets representing Good Energies, have joined Konarka’s Board of Directors.
Howard Berke, chairman and CEO, Konarka, said, “We are pleased to have 3i join our group of leading investors, as well as the continued support of our existing investors. This funding will provide long-term financial support for ongoing process and product development, as we continue to execute upon our strategy of partnering with leading global materials, printing and product application companies.”
Based on its significant contributions to the energy market and the nanotechnology field, Konarka has been named a Red Herring Top 100 Company and was most recently awarded the Popular Mechanics Breakthrough Award for 2005.
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