Sunnyvale, California, USA – August 6, 2007 – Bridgelux, Inc., a leading supplier of energy-saving LED technology to high-volume solid state lighting markets, today announced that it has completed a $23M round of series C venture capital financing led by new investor Chrysalix Energy Venture Capital. VantagePoint Venture Partners also joined as a new investor, while DCM, El Dorado Ventures and Harris & Harris Group participated with follow-on investments. The funding will be used for product line and market expansion, as well as intensified technology research and development at the company’s headquarters in California’s Silicon Valley.
“With its current line of power LED chips, Bridgelux has demonstrated its ability to bring innovative elements into the overall solid state lighting solution set,” commented Bridgelux CEO, Mark Swoboda. “This round of financing will really enable an acceleration of the company into specifically targeted applications that result in true partnerships rather than the more typical commodity-supplier type relationships.” Bridgelux power LED chips have been used by a substantial number of LED packagers and integrators as the basis for their energy-savings light sources in backlighting, displays, camera flashes and various niche lighting applications.
According to Greg Sullivan, managing director at lead investor Chrysalix Energy Venture Capital, “Chrysalix invests in compelling technologies and entrepreneurial management teams that are driving fundamental technology changes into the global energy industry. Bridgelux fits right in with that model as a company that can bring any number of key elements into the solution set. We believe their approach is one that will enable solid state lighting to more quickly reach its full potential for energy savings and sustainability.” Mr. Sullivan will be joining Bridgelux’ board of directors.
LED-based lighting technologies offer numerous advantages over current fluorescent and incandescent solutions in a number of areas, including reliability and light quality along with increases in both packaging and energy efficiency. LEDs have quickly captured dominant shares of the mobile appliance backlighting and camera flash markets, and are rapidly appearing in small and mid-sized as well as large area displays. While not yet widely available for consumer lighting needs, the current generation of environment-friendly solid state lighting technologies offers efficiencies that greatly exceed those of incandescent lighting products, and have recently begun to rival many fluorescent solutions in industrial and commercial applications.
Bridgelux CEO Swoboda concluded, “Any time the available resources, technology portfolio and market potential align with an application-oriented focus you can count on a whole new dynamic coming into play. Expect to see Bridgelux demonstrating an accelerated pace of innovation that yields new solutions that truly meet the market at its needs.”
About Bridgelux, Inc.
Founded in 2003, Bridgelux is a leading supplier of cost-effective, energy saving LED chips to high-volume market segments. The company developed and introduced the industry’s first high volume ITO/InGaN (Indium Tin Oxide / Indium Gallium Nitride) power light emitting diode (LED) chip and is currently delivering millions of chips every month to customers worldwide. Customers use Bridgelux LED chips to replace traditional bulb technologies with solid state products that provide a powerful and energy-efficient source of blue, green, or white light. Bridgelux chips are currently found in mobile appliances, signage, automotive, and various general lighting applications.