San Jose, Calif. -- Nanosolar, a San Jose-based maker of thin-film solar cells and panels, said on Friday it has raised $70 million in a new round of funding, which the company will use to expand production, bolster research and development and more quickly commercialize its solar technology. Participants were led by OnPoint Technologies, Mohr Davidow Ventures and Ohana Holdings. "With this latest round of funding, Nanosolar will be able to continue ramping up its production capabilities and achieve a faster time-to-market with its products," said Guido Polko, the company's executive chairman. "The money also will allow us to deepen our R&D efforts aimed at achieving even greater efficiency, and significantly expand our employee base in both Europe and the United States." Nanosolar's technology is based on printing CIGS (Copper, Indium, Gallium, Selenium) inks on low-cost aluminum foil.