Bridgelux Inc.'s new $40 million Series D
round makes it one of the best-funded of several venture-backed companies that have directed, at least for the short term, sophisticated light emitting diode technology developed for high-tech applications to more prosaic solid-state consumer lighting markets.
The company's funding was led by new investor VentureTech Alliance and includes previous backers DCM, El Dorado Ventures, VantagePoint, Chrysalix Energy Venture Capital and Harris & Harris Group. The financing consists of $30 million in new equity and $10 million in bank credit. The round will help Bridgelux delve into the fast-growing LED lighting market, which thanks to demand for low-energy products using environmentally friendly materials is predicted by market research firm Strategies Unlimited to grow more than 20% a year over the next five years, to $11.4 billion.
BridgeLux is one of several companies, including
NanoGram Corp., Power Analog Microelectronics,
LedEngin and
LightBlue Optics, that have raised
venture money in recent months to focus sophisticated LED technology on
consumer lighting markets.
BridgeLux, originally formed in 2002 as eLite Optoelectronics Inc., makes gallium nitride semiconductor chips that produce light with much less power than traditional incandescent light products require and that do not contain the environmentally harmful substances that make up fluorescent lights. The company has more than 50 patents in areas including high-power LEDs, LED chip design, epitaxial structure and chemical vapor deposition reactors. For now it is focused on products for display backlighting, camera flash, architectural lighting, task lighting, commercial and other general lighting applications.
-- Clifford CarlsenSee April 8 press release from Bridgelux Inc.See Jan. 15 post from VCRatingsSee November 2007 story from TheDeal.comSee October 2007 story from TheDeal.comFor more see
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