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A little more than a week after closing out its previous funding round, Newton’s GMZ Energy Inc. has raised another round worth $4.5 million, based on federal filings.
There was only a single investor in the new round, according to the filing with the U.S. Securities and Exchange Commission, and that backer was not named. The previous round, a Series C round, which closed at $13 million earlier this month, was led by Mitsui Ventures, with participation from returning investors Kleiner Perkins Caufield & Byers and BP Alternative Energy, and new investors I2BF Global Ventures and Energy Technology Ventures.
GMZ, which is developing thermoelectric materials based on nanotechnology developed at MIT, took in the initial $7 million tranche of the previous Series C round in April. The company was co-founded by former CEO Mike Clary, who had been an entrepreneur-in-residence at Kleiner Perkins. Clary was replaced in the CEO role by former Continuum Photonics Inc. co-founder Aaron Bent in April 2009, although he still holds a board seat.
In addition to Clary, GMZ Energy was founded in 2007 by MIT professor and researcher Gang Chen and Zhifeng Ren, a professor of physics at Boston College. The company’s technology is based on Chen’s work. Officials have said GMZ plans to put its materials into conventional solar hot water collectors, enabling the production of electricity along with heat and hot water.
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