| August 02, 2007 | VentureWire |
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| BridgeLux Raises $23 Million in Series C Financing |
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| Portfolio Company: BridgeLux |
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Poised to take advantage of the rapid growth of solid tate lighting, BridgeLux Inc., a maker of light emitting diode, or LED, chips, has closed a $23 million Series C round, VentureWire has learned.
The round was led by new investor Chrysalix Energy Venture Capital. Follow-on investments were made by DCM, El Dorado Ventures, Harris & Harris Group. New investor VantagePoint Venture Partners also participated, said CEO Mark Swoboda.
The company's LED chips, which are much more energy efficient than halogen or fluorescent lighting, provide lighting in a wide array of products such as mobile phones, camera flashes and automobiles. The
money from this round of financing will be used for new product applications and improved performance, Swoboda said.
Greg Sullivan, managing director at Chrysalix, said BridgeLux is ideally positioned to "go big," considering the declining manufacturing cost of LED components and the rapid adoption of the products across a wide array of industries over the last few years.
A recent report from Deutsche Bank Securities Inc. estimates that the market for LEDs used for illumination and display will rise from less than $1 billion in revenue last year to more than $4 billion in 2011.
BridgeLux is not the only venture-backed company trying to tap the solid state lighting market. Intematix Corp. has raised $25 million from investors including DFJ and Crosslink Capital to produce phosphors for LEDs. Group IV Semiconductor Inc. emerged from stealth mode last year with $8.2 million from Khosla Ventures and BDC Capital to also develop semiconductor-based lighting.
While BridgeLux is forging ahead in the market, it is also involved in an ongoing patent infringement suit brought on by one of its competitors, publicly traded Cree Inc.
Prior to this round of funding the company has raised $8.5 million from venture capitalists. BridgeLux currently employs about 50 people, Swoboda said.
Sullivan will take a seat on the board of directors as a result of the financing. |
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