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Bridgelux Raises an Additional $15 Million of Financing to Further Accelerate GaN-on-Silicon Development(October 24, 2011)
LIVERMORE, CA -- (Marketwire) -- 10/24/11 -- Bridgelux Inc., a leading developer and manufacturer of LED lighting technologies and solutions, today announced that it has closed an additional $15 million in financing raised specifically to further accelerate research, development, and scaling of the company's leading position in GaN-on-Silicon LED chip technologies, targeted for commercialization in 2013.
The financing round, which was oversubscribed, was quickly filled out by existing financial and strategic investors in response to company reports indicating additional capital could further accelerate Bridgelux's GaN-on-Silicon program. Included in the round are VantagePoint Capital Partners, DCM, El Dorado Ventures, Novus Energy Partners, IFA, Chrysalix, Harris & Harris Group, Craton Equity Partners, Jebsen Asset Management, and Passport Capital among others.
"By continuing to drive down the cost of solid state solutions for general lighting, Bridgelux is helping to expand the market for these solutions, which we expect to grow from $3 billion in 2011 to more than $25 billion in 2015, generating strong growth for our company and our investors," said Bill Watkins, Bridgelux's Chief Executive Officer. "We are very pleased with the progress of our GaN-on-Silicon program. This additional capital will further accelerate our breakthrough development efforts in producing commercial grade LEDs on silicon while we continue to deliver the industry's leading GaN-on-Sapphire array solutions."
Bridgelux is a leading developer and manufacturer of technologies and solutions transforming the $40 billion global lighting industry into a $100 billion market opportunity. Based in Livermore, California, Bridgelux is a pioneer in solid state lighting (SSL), expanding the market for light-emitting diode (LED) technologies by driving down the cost of LED lighting systems. Bridgelux's patented light source technology replaces traditional technologies (such as incandescent, halogen, fluorescent and high intensity discharge lighting) with integrated, solid state lighting solutions that enable lamp and luminaire manufacturers to provide high performance and energy-efficient white light for the rapidly growing interior and exterior lighting markets, including street lights, commercial lighting and consumer applications. With more than 500 patent applications filed or granted worldwide, Bridgelux is the only vertically integrated LED manufacturer and developer of solid state light sources that designs its solutions specifically for the lighting industry. For more information about the company, please visit www.bridgelux.com.
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