On November 18, 2021, Ambilight Inc. (Ambilight), a global leader in electrochromic (“EC”) materials, announced the completion of Series C financing, led by Warburg Pincus. Prior to this round, Ambilight had also completed a strategic financing round from BYD and Nio.

"Ambilight is a global pioneer in EC materials, filling China's technology gap in this cutting-edge scientific field. The company was founded by two top Chinese material scientists with highly complementary domain expertise. After years of dedication to the fundamental R&D in EC materials, they have achieved a series of breakthroughs that has elevated the industry to a new level.” said Frank Wei, Co-Head of Warburg Pincus China. “In them, I see the grand vision of scientists and the perseverance of entrepreneurs. We are very honored to join hands with such outstanding scientists and entrepreneurs and look forward to the partnership with Ambilight to build a global industry champion in the future."

Greta Gu, who leads industrial technology investments at Warburg Pincus China, said, "Ambilight is a global leader in specialty materials with high entry barrier due to the cross-disciplinary material science and proprietary process know-hows. Benefiting from the favorable megatrends of carbon neutrality and global EV revolution, Ambilight's EC materials are expected to create compelling energy-saving benefits and gain promising adoption in a wide range of commercial applications. We’re deeply impressed by the founders’ visionary mission to change people’s life, relentless commitment to innovation, agility in business executions, and efforts in creating a tight-knit corporate culture. We are confident of the company’s future success and are committed to becoming a long-term partner."

"Ambilight’s goal is to change the world with EC technologies,” Ambilight commented. “We’re thrilled to partner with Warburg Pincus and believe that Warburg Pincus’ entrepreneurial vision, global resources, and outstanding track record in scaling up innovative enterprises will accelerate Ambilight’s next stage of growth. We are dedicated to driving continuous innovation in our core technologies, expedite our commercialization and globalization plan, and bring joy and life-changing experiences to people around the world."

Established in 2017, Ambilight was founded by a team of top material scientists from world renowned universities such as Stanford University, Tsinghua University, and Purdue University. The team successfully developed the 3rd generation EC technology in the form of flexible and solid thin films and achieved mass production through its innovative roll-to-roll coating technique. Ambilight’s EC technology represents the industry’s cutting-edge development with superior performance features, including low haze, minimal power consumption, and high compatibility with curved surface and extreme temperature. Given the compelling benefits of energy-saving, experience upgrade, and low-cost potentials, Ambilight’s EC materials have large addressable markets in thriving industries including electric vehicles, architecture windows, and consumer electronics.