seedchange Announces Acquisition of Dragonfly Systems, Its First Listed Company
Innovative power electronics solution for large-scale solar installations developed by Stanford freshmen
10 Jul, 2014, 04:15 ET
SAN FRANCISCO, July 10, 2014 /PRNewswire/ -- seedchange announced that Dragonfly Systems has agreed to be acquired by a leading manufacturer of solar power systems. Terms of the acquisition were not disclosed.
Dragonfly Systems is the first company to complete its funding round on the seedchange platform. Dragonfly began working with seedchange, an online platform for early stage investing, in August 2013 and was one of the first early stage companies to list on the seedchange platform. seedchange worked closely with Dragonfly to develop its growth and funding strategy and listed the company earlier this year.
"The clean tech sector was still very much out of favor with investors when we met Dragonfly but we were impressed by the team and the technology," said Kevin Smith, co-founder of seedchange. "They created unique technology that enables significant reductions in the cost of solar power generation and increased reliability of solar modules. And they accomplished a lot in a very short period."
Dragonfly won awards from the US Department of Energy's FLoW competition, the Stanford TomKat Center for Sustainable Energy and The Cleantech Open. Dragonfly also participated in the Highway 1 Incubator for seed stage hardware companies.
The company completed its funding round 75 days after listing on the seedchange platform and entered negotiations for acquisition of the company soon after. The acquisition closed July 3, providing a quick exit for the company's early stage investors.
"This is an unusually fast track from investment to exit," noted Smith, "Liquidity in this asset class typically takes years and early stage investors can't always expect such early exits. Dragonfly was a quick success."
seedchange is a global platform connecting Wall Street and Silicon Valley and bringing a new asset category to portfolios of smart investors all over the world. seedchange combines rigorous company analysis with an innovative platform to transform the way investors access, analyze and invest in early-stage companies. https://www.seedchange.com
Co-founder and CEO
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