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News

7 August 2007

 

BridgeLux raises $23m in third-round financing

BridgeLux Inc of Sunnyvale, CA, USA, which was founded in 2003 and makes ITO/InGaN-based LED chips for solid-state lighting, has completed a $23m round of series C venture capital financing led by new investor Chrysalix Energy Venture Capital, and joined by VantagePoint Venture Partners, together with repeat investors DCM, El Dorado Ventures and Harris & Harris Group.

The latest round of financing will be used for product line and market expansion, as well as intensified R&D at the firm’s headquarters. It enables an “acceleration of the company into specifically targeted applications that result in true partnerships rather than the more typical commodity-supplier type relationships,” says Mark Swoboda, who succeeded Robert Walker as CEO in July.

BridgeLux power LED chips have so far been used by LED packagers and integrators as the basis for light sources in backlighting, displays, camera flashes and various niche lighting applications, according to the firm.

“Chrysalix invests in compelling technologies and entrepreneurial management teams that are driving fundamental technology changes into the global energy industry,” says Chrysalix Energy Venture Capital’s managing director Greg Sullivan, who joins BridgeLux’s board of directors. “We believe BridgeLux’s approach is one that will enable solid-state lighting to more quickly reach its full potential for energy savings and sustainability.”

“Expect to see BridgeLux demonstrating an accelerated pace of innovation that yields new solutions that truly meet the market at its needs,” says Swoboda.

See related item:

BridgeLux appoints new CEO

Visit: http://www.bridgelux.com