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eLite Optoelectronics Raises $8.5 Million in Venture Capital Funding, Changes Name to Bridgelux, Inc.

Apr 04, 2006

Bridgelux


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Sunnyvale, California, USA – April 4, 2006 – eLite Optoelectronics, Inc., a leading supplier of energy saving, power-LED chips to high-volume solid state lighting market segments, today announced that it has raised $8.5 million in venture capital financing from DCM – Doll Capital Management, El Dorado Ventures, and Harris & Harris Group and changed its name to Bridgelux, Inc. The funding will be used for continued capital investments and as well as intensified research and development at the company’s new headquarters and R&D facility in California’s Silicon Valley.

The Bridgelux name stems from the company’s “fabless" business model, which is common in the silicon world, but remains unique in the high brightness LED industry. While the company’s corporate and R&D operations are located in the U.S., the company manufactures its products in Asia.

Dr. Robert Walker, Bridgelux CEO, explains, “Bridgelux is leveraging the best of U.S. technology and Asian manufacturing efficiencies, effectively ‘bridging a gap’ that has hampered many companies in their pursuit of leading-edge technology that can be affordably deployed now, not some years down the road.” He further notes, “Our mission is to enable the global acceleration and acceptance of energy saving solid state lighting (SSL) by providing our customers with advanced product performance while simultaneously achieving aggressive cost reduction.”

Bridgelux investors and Board of Directors , Pete Moran, general partner of DCM – Doll Capital Management and Scott Irwin, general partner of El Dorado Ventures, have emerged within the venture capital community as key backers of the promise of SSL technologies such as InGaN blue spectrum LEDs.

“Far more energy-efficient than incandescent and fluorescent lights, LED chips are poised to become a major source of lighting in commercial and residential environments, and Bridgelux is at the forefront of this global movement,” said DCM’s Mr. Moran. “Bridgelux’s high-brightness LED innovations and efficient manufacturing capabilities make it one of the most compelling players in the SSL space.”

"We were initially attracted to Bridgelux by the company's outstanding technical team, which has already delivered a number of industry firsts," said El Dorado’s Mr. Irwin. He added, "We're very excited about the opportunities for Bridgelux in the SSL market, where we foresee major growth for years to come."

Bridgelux has developed technology to fulfill an emerging market demand for large area (~1mm square) power-LED chips that exhibit high light output (~40 lumens) while consuming only 1 watt of power. Current applications include retail displays, personal reading lights, flashlights/torches, flat panel televisions and displays, emergency vehicle warning lights, and architectural lighting. Dr. Walker added, “Bridgelux is well on the way to becoming a de facto supplier for some of the highest brightness applications.

Bridgelux chips are commonly found in your cell phone or camera flash and in many of the types of lighting products in your home, office, or neighborhood.”

About Bridgelux, Inc.
Founded in 2003 as eLite Optoelectronics, Inc., Bridgelux is a leading supplier of energy saving power-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 power-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.



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