LONDON – Bridgelux Inc., a developer of semiconductor technology for solid-state lighting, has raised $60 million in a Series E round of venture capital funding.
The round was led by Craton Equity Partners and existing financial and strategic investors also participated including VantagePoint Capital Partners, DCM, El Dorado Ventures, Novus Energy Partners, Invus Group, VTS, Harris & Harris Group and Passport Capital.
Craton said Bridgelux (Livermore, Calif.) would use the money to accelerate R&D in key areas including GaN-on-Silicon development and LED chip-on-board packaging.
"Craton Equity Partners is a top growth-stage investor in clean tech, and we welcome their support as we work to expand the market for solid state solutions for general lighting - which we expect to triple this year to over $3 billion," said Bill Watkins, Bridgelux's CEO, in a statement issued by Craton.
David Asarnow, principal at Craton Equity Partners, will join the Bridgelux board as an observer.
This is a great move. It involves solvable materials problems and huge market potential. Solid state lighting also avoids CFL's dirty little mercury problem, which can only be swept under the rug for so long.
LED lighting has gone a push. What's the most challenging area of it other than cost reduction? Would you, as a consumer, switch to LED lighting from CFL if LED lasts 5 times more than CFL while costs 5 times more? In another words, the reduced electric bill is what you will gain.
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