Sunnyvale, CA--Bridgelux, a supplier of energy-saving light-emitting diode (LED) technology for high-volume, solid-state lighting markets, completed its latest round of financing, totaling approximately $40 million ($30 million of private equity investment and approximately $10 million of bank lines of credit). The funding allows Bridgelux to pursue its strategy for product development and market expansion, while continuing to drive 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.
Market research firm Strategies Unlimited (Mountain View, CA) 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.
Bridgelux CEO Mark Swoboda said, "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."
For more information, visit www.bridgelux.com.
LFW Staff
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