BridgeLux, Inc. announced yesterday that it has completed $23 million in Series C venture capital financing. This round of financing was led by new investor Chrysalix Energy Venture Capital, and another new investor is VantagePoint Venture. Partners, DCM, El Dorado Ventures, and Harris & Harris Group are additional investments.
BridgeLux, Inc. is a leading provider of energy-efficient LED technology for the demanding solid-state lighting market. The company said the new financing will be used to expand the product line, expand the market, and strengthen the company's technology research and development capabilities in Silicon Valley, California.
In this financing, Puri Optoelectronics CEO Mark Swoboda said, "Puri Optoelectronics has demonstrated its strength with its existing line of high-power LED chips, demonstrating the company's ability to provide innovative solutions for the entire range of solid-state lighting solutions. This round of financing can really promote the company to engage in specific application areas, and the end result will be a true partnership, rather than a more common commodity supplier relationship."
It is understood that many LED product packaging manufacturers and integrators use Purui Optoelectronics' high-power LED chips as the basic supporting technology for energy-saving light sources, which are used in various professional lighting applications such as backlights, displays, and camera flashes.
Greg Sullivan, executive director of Chrysalix Energy Venture Capital, the current round of financing, said, “The entrepreneurial management team with convincing technology that can drive fundamental technology changes and apply to the global energy industry is Chrysalix's investment goal. Puri Optoelectronics In line with this model, it is a company that can provide countless core components for a complete solution. We believe that Puri's approach can promote R&D and maximize the potential of solid-state lighting technology for energy conservation and sustainability." Mr. Sullivan will join the Board of Directors of Purui Optoelectronics.
Compared to current fluorescent and incandescent lighting solutions, LED-based lighting technology has many advantages in many areas, such as the reliability, light quality, and packaging and energy efficiency of this technology. LEDs have rapidly gained a dominant share in the backlighting and camera flash markets of mobile devices, and their applications in small, medium and large displays are also growing rapidly. Although not yet fully responsive to consumer lighting needs, this generation of environmentally-friendly solid-state lighting technology is far more efficient than incandescent lighting products, and has recently been able to compete with many fluorescent lighting solutions in industrial and commercial applications.
Swoboda, CEO of Purui Optoelectronics, said, “At any time, as long as existing resources, technology portfolios and market potentials are application-oriented and aligned with this core focus, then a new market dynamic can be foreseen. To be effective, I hope to see Puri Optoelectronics accelerate the pace of innovation and create new solutions that truly meet the needs of the market."
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