Solar Lantern Maker D.light Raises $5.5 Million in Venture CapitalPosted in Solar Power on June 22nd, 2010 by News Desk –
Palo Alto, Calif. – D.light, the developer of solar-powered lanterns intended to replace kerosene lamps used in much of the impoverished world, has raised $5.5 million in a round of venture capital, according to a new filing by the company with the Securities and Exchange Commission.
D.Light was founded by Sam Goldman, a Stanford MBA grad and former Peace Corps volunteer. The company reportedly has sold 1 million of its solar lanterns in the past three years to villagers in India, east Africa and Latin America.
Currently, about 1.6 billion people worldwide are off the electricity grid, representing the company’s target market universe. The company’s initial product sold for around $30, but it recently introduced a lower-priced model in the $10 to $15 range.
Raj Kundra, director of the energy portfolio at the Acumen Fund, has invested $1 million in D.light. Other investors in the company include Draper Fisher Jurvetson and Garage Technology Ventures, as well as two social investor groups.