WATERTOWN, MA, Dec. 16, 2009--QQD Vision (www.qdvision.com), developer of Quantum Light™ nanotechnology-based products for solid state lighting and displays, today announced it raised $10 million in financing from North Bridge Venture Partners, Highland Capital Partners and In-Q-Tel.
This new round of funding will support the expansion of the first QD Vision Quantum Light™ products nto the global solid-state lighting market, and continued advancements on a new generation of quantum dot-based LEDs and materials for high-resolution displays. Founded in 2004 by a research team from MIT, the financing brings to $30 million the total venture investment in QD Vision.
"QD Vision's Quantum Light™ products unleash the power of quantum dots to deliver high quality light and color, and unlike other technologies, they concurrently reduce power consumption, and enable more cost-effective solutions for today's LED-based lighting and display manufacturers," said Dr. Daniel Button, CEO of QD Vision. "The vote of confidence and support from North Bridge, Highland and In-Q-Tel provides QD Vision the resources to meet the huge and growing demand for green-tech lighting and display solutions, which represent a multi-billion dollar global market opportunity."
Since announcing its first product earlier this year--a Quantum Light™ optic for a new LED lamp developed by Nexxus Lighting, Inc. (NASDAQ:NEXS) that combines the warmth and color of incandescent bulbs with the efficiency of LED technology--QD Vision has seen a significant increase in interest from the lighting and display industry in its quantum dot technology. The Nexxus lamp featuring the Quantum Light™ optic is scheduled to ship in Q1 of 2010.
In November 2009, the New England Clean Energy Council named QD Vision the Emerging Company of the Year. On President Obama's recent visit to MIT to give a major address on research and technology innovation, QD Vision's technology was featured as a leading example of clean-tech research and development. In September 2009, the Wall Street Journal recognized QD Vision with a Technology innovation Award.
About QD Vision, Inc.
QD Vision (www.qdvision.com) is a quantum dot product company that delivers highly differentiated lighting and display solutions to major industries where color, power and cost matter. QD Vision's Quantum Light™ platform enables step-change advances in current generation solutions, such as LCDs, LEDs and even OLEDs, and ultimately a significant leap over these technologies. Leveraging a first-tier patent position in nanotechnology originating at MIT, QD Vision is a privately held company based in Watertown, Mass.
About North Bridge Venture Partners
North Bridge Venture Partners is an active, early-stage venture capital fund based in the Boston, Massachusetts area. For North Bridge, success is a partnership with management that produces leading public companies in large emerging markets. Working closely with entrepreneurs, North Bridge adds value by providing strategic guidance, specific industry knowledge, team-building skills, and an in-depth understanding of both private and public financings. (www.NBVP.com)
About Highland Capital Partners
Highland Capital Partners was founded with the mission of helping great people build great companies. Since its inception in 1988, the firm has taken a sector-focused approach to investing in exceptional communications, consumer, digital media, health care and information technology companies. With over $3 billion of committed capital and offices in Boston, Silicon Valley, Shanghai and Geneva, Highland has invested in and worked to create such firms as Ask Jeeves, Avid Technology, CheckFree, Conor Medsystems, Continental Cable, lululemon athletica, Lycos, MapQuest, Navic Networks, Ocular Networks, P.A. Semi, Quigo, Starent Networks, Sybase, Telica and VistaPrint. (www.HCP.com)
In-Q-Tel is the strategic, not-for-profit investment firm that works to identify, adapt, and deliver innovative technology solutions to support the mission of the U.S. Intelligence Community. Launched by the CIA in 1999 as a private, independent organization, In-Q-Tel s mission is to identify and partner with companies developing cutting-edge technologies that serve the national security interests of the United States. In-Q-Tel concentrates on several broad commercial technology areas, including software and infrastructure; security; and biological and physical technologies. To date, In-Q-Tel has engaged with more than 100 companies and delivered more than 140 technology solutions to the Intelligence Community. To learn more about In-Q-Tel, visit www.iqt.org.