UK-based thin film start up, Oxford Photovoltaics has secured at least a further £8 million in VC funding to further plans to commercialise its blend of perovskite materials under a licensing model.

Oxford PV said the funding was the first of tranche B financing that included existing investors, University of Oxford, MTI Partners Ltd, Longwall Venture Partners LLP, Parkwalk Advisors Ltd as well as unidentified angel investors.

Kevin Arthur, CEO and co-founder of Oxford PV said: “I am delighted to have raised more in this round than we targeted. In a very difficult market for solar investments, we exceeded our expectations and broadened our shareholder base. These funds will help accelerate our development and secure our leading global position in this exciting new technology.”

The company said last year that it shifted some of its emphasis to providing conventional crystalline silicon solar cell producers opportunities to collaborate on integrating a perovskite tandem layer to fast track commercialisation. The assumption is that R&D activities needed to be funded to meet collaboration needs.