Bridgelux Inc., a Sunnyvale, Calif.-based provider of LED technology for the solid-stage lighting market, has raised $40 million in Series D funding. The round includes $30 million of equity and a $10 million line of credit. VentureTech Alliance led the deal, and was joined by return backers DCM, El Dorado Ventures, VantagePoint Venture Partners, Chrysalix Energy Venture Capital and Harris & Harris Group.
Bridgelux, Inc., a leading supplier of energy-saving LED technology for high-volume, solid-state lighting markets, today announced it has completed its latest round of financing, totaling approximately $40 million. This latest round includes $30 million of private equity investment and approximately $10 million of bank lines of credit. This funding will allow Bridgelux to aggressively pursue its strategy for product development and market expansion, while continuing to drive its technology research and development activities.
This financing round was led by new investor VentureTech Alliance, while existing investors DCM, El Dorado Ventures, VantagePoint, Chrysalix Energy Venture Capital and Harris & Harris Group participated with follow-on investments.
Leveraging its innovative technology, Bridgelux is poised to take advantage of future robust growth in the LED market and widespread interest in environmentally conscious, clean technologies. Leading market research firm, Strategies Unlimited, is forecasting a compounded annual growth rate (CAGR) of 20% over the next five years for the LED market. High-brightness LEDs alone are projected to grow by 12% in just 2008, while new market opportunities also emerge around display backlighting, camera flash, architectural lighting, task lighting, commercial and other general lighting applications. As a result of these burgeoning market segments and related applications, the overall market is expected to reach a total size of $11.4 billion by 2012.
“At VentureTech, we're dedicated to facilitating the growth and success of world-class, high-technology companies. Our concentration is on early-stage to mid-stage companies that have potential to achieve market leadership and the intellectual property (IP) strength to defend that leadership position,” said Jim Diller of VentureTech Alliance. “With innovative technology and a solid business model focused around a growing market, Bridgelux is representative of precisely the type of investment we seek. On the management side, Bridgelux's team features an impressive roster of seasoned individuals with combined experience in the LED, IC, compound semiconductor materials, lighting and consumer electronics sectors, all of whom will be key to driving its future success,” he added. Bridgelux reports that Diller will be joining the company's board of directors.
Commenting on the latest round of funding, Bridgelux CEO Mark Swoboda noted, “At Bridgelux, our capabilities in gallium nitride epitaxy growth processes, device structures and chip designs, coupled with our market knowledge, has enabled us to quickly become a leader in the high-power LED industry. This latest round of funding is an additional vote of confidence in our underlying business strategy and technology, which will enable us to rapidly expand beyond our LED chip product offerings and move aggressively into LED lighting products, expanding our market reach.”
LED-based lighting technologies offer myriad advantages over current fluorescent and incandescent solutions, including reliability and light quality, along with superior energy efficiency. As a result, LEDs have quickly captured dominant shares of the mobile appliance backlighting and camera flash markets, and are rapidly appearing in small, mid- and large-area displays. While not yet widely available for consumer lighting needs, the current generation of environment-friendly solid-state lighting technologies deliver efficiencies that exceed those of incandescent lighting products, and have recently begun to rival many fluorescent solutions in industrial and commercial applications. In addition, LED lighting solutions do not contain the environmentally damaging substances found in fluorescent bulbs.
Focused on bringing innovation to light — Bridgelux is fast-becoming a leading provider of high power, cost-effective and energy efficient, yet extremely reliable, light-emitting diode (LED) solutions. The company's proprietary epitaxy technology and innovative chip designs have enabled the company to develop advanced solid-state lighting products that offer superior quality, are lower in cost and are environmentally friendly — all without compromising optical, thermal or electrical performance. Beyond LED chips, the company is actively seeking to extend its reach to deliver value-added, application-specific solutions that will open up new markets in solid-state illumination. Founded in 2002, Bridgelux is headquartered in Sunnyvale, Calif. For more information on the company, please visit http://www.bridgelux.com