US-based smart-tinting glass startup Kinestral Technologies has secured over $100 million in a Series D round led by South Korean company SK Holdings, according to an announcement on Wednesday.
Other investors that joined the round include 5AM Ventures, Alexandria Real Estate, Capricorn Investment Group and Versant Ventures.
According to an official statement, the funds will be used to expand manufacturing, and drive sales of Halio, Kinestral’s smart-tinting glass product.
Founded in 2010, Kinestral develops tinted glass products that are responsive and intelligent. Its flagship product, Halio, is able to transition between clear and tinted states automatically or on-demand and claims to be the only product of its kind to do so.
Jung Hoon Lee, vice president of SK Holdings, said: “After assessing the global opportunity for smart glass, it is clear to us that Kinestral has the most advanced technologies, the best product, and the manufacturing techniques that provide a clear path to high yields and lower cost, which makes their vision of bringing ‘Halio everywhere’ truly attainable.”
Kinestral has a global patent portfolio in manufacturing, device processing and smart window control systems. The San Francisco-based startup also has two joint venture companies with AGC, the world’s largest glass manufacturer, to sell its Halio products.
A company dabbling in the same space is Silicon Valley-based View Inc, which raised $1.1 billion in funding from SoftBank Vision Fund in November 2018. The startup’s technology allows users to control the level of tinting in smart windows. VIew says its “dynamic glass” can help lower cooling costs and remove the need for blinds or other accessories