LONDON Plextronics Inc. (Pittsburgh, Pennsylvania), a startup with interests in organic electronics for both solar power and printed electronics applications, said it raised $20.6 million in Series B round of venture capital financing led by European chemicals group Solvay Group.
Plextronics' president and CEO Andy Hannah said the money would allow the company to increase its research, development, sales and marketing efforts but also marked the beginning of a partnership with Solvay.
The round was led by Solvay North America Investments, LLC, the venture capital arm of the Solvay Group (Brussels, Belgium), an international chemical and pharmaceutical operation. Solvay's $10 million investment grants the company a minority interest in
Significant investments were also received from Firelake Capital Management, Birchmere Ventures, Draper Triangle Ventures and Newlin Investment Company. Plextronics has raised a total of $37 million in equity capital over the last five years.
"Our vision is to be the leading printed electronics company in the world, and we are fortunate to have the continued support of investors like Firelake, Birchmere, Draper and Newlin to assist us with that mission," said Hannah, in a statement.