LED factory news: chip maker gains $40m
A leading LED chip maker has secured $40 million in financing allowing it to build on steps already made in developing eco-friendly technologies.
Bridgelux's financing includes $30 million of private equity investment and $10 million of bank lines of credit, LEDs Magazine reports.
The money will allow the firm to take advantage of growth in the LED market as well as increasing interest in cleaner environmentally friendly technologies.
Indeed, according to market research firm Strategies Unlimited the LED market is expected to grow annually by 20 per cent over the next five years.
"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," the firm's chief executive Mark Swoboda commented.
The latest round of investment was secured from new investor VentureTech Alliance, as well as existing investors DCM, El Dorado Ventures, VantagePoint, Chrysalix Energy Venture Capital, and Harris & Harris Group.
Monday, 14th April 2008
