Glo has completed a $30 million Series D financing. Glo provides high-quality light source solutions for displays, illumination, and automotive sectors. A new investor led the round, with participation from existing shareholders including Wellington Partners, Teknoinvest, Nano Future Invest, Energy Future Invest, Foundation Asset Management and others.
Glo AB, a company that provides high-quality light source solutions for displays, illumination, and automotive sectors using its proprietary nLEDTM technology, announced today that it has completed a $30MM Series D financing. Glo will use the funds to add to its product portfolio, team, and strategic partnerships.
The Series D financing comprises a majority of funds from new investors. A new investor led the round, with participation from existing shareholders including Wellington Partners, Teknoinvest, Nano Future Invest, Energy Future Invest, Foundation Asset Management and others. Carnegie Investment Bank acted as placement agent for Glo in connection with financial investors in the Series D round. GTK Partners is the company’s strategic advisor. Glo has received approximately $115MM of funding to date.
“We and our customers are excited about the market entry of our first-generation nLED products, demonstrating superior color and competitive efficiencies, thus realizing the promise of cutting-edge nanotechnology for optical applications. Glo’s products are next-generation light sources that go beyond the technology limitations of standard planar LEDs. We are aggressively growing our capabilities and strategic partnerships to provide nLED products for all applications,” said Fariba Danesh, Chief Executive Officer of Glo.
To further accelerate growth, the company has augmented its management team and Board of Directors:
Mr. Bart Markus, a Partner at Wellington Partners, is now Chairman of Glo’s Board of Directors. Bart and Wellington, funding advanced semiconductor ventures for more than a decade, have been investors in Glo since 2010.
Mr. Kambiz Hooshmand, former CEO of AMCC Semiconductor and former Group Vice President at Cisco, has joined Glo’s Board of Directors. Kambiz serves on the Board of public company Infinera, is an advisor to private equity firm SilverLake Sumeru and is a co-founder of Archimedes Ventures.
Mrs. Shuo Zhang, VP of Worldwide Mobile Sales for Cypress Semiconductor, has joined Glo’s Board of Directors. Shuo has served in various senior management positions in sales and marketing while at Cypress. Prior to Cypress, Shuo held senior marketing management positions at Avago Technologies and Altera Corporation.
Mr. James V. McCanna has joined as Chief Financial Officer. James was previously CFO of private company iWatt, sold last year in registration for $345MM, and has 30 years of experience as a financial officer in technology companies.
A sales and support office has been established for the Asian region in Tokyo, Japan.
Glo AB is a company using advanced gallium nitride materials to offer LED solutions using nanotechnology. A spin-off of the Lund University, Sweden, Glo has a 60-person R&D and operations facility in Sunnyvale, California.
Glo’s products use its proprietary nLEDTM technology to sidestep the limitations of the common planar LEDs, offering unique, highly-efficient, and stable red, green, blue emitters using a single material system. Glo is focused on delivering the industry’s best color stability, with high color rendering without the need for phosphor conversion, all using standard manufacturing equipment and materials.