Luminus locks up $72 million financing for PhlatLight LED technology
Luminus Devices, Inc., the developer and manufacturer of PhlatLight (Photonic Lattice) LED products for a wide variety of display and illumination applications, today announced the closing of a new round of financing of over $72 million. The investor syndicate was led by Boston-based Braemar Energy Ventures and included a number of other funds, notably San Francisco-based CMEA Ventures and Washington, D.C.-based Paladin Capital Group, which are similarly focused on energy and environmentally friendly technologies. In addition, all of Luminus’ previous investors participated in the financing.
This latest financing highlights a significant strategic juncture for Luminus, which had been traditionally focused on light sources for the TV and display industry but is now targeting a broader array of applications for its PhlatLight LED technology. The opportunities for solid-state lighting range from general commercial and consumer lighting to specialty applications such as medical, entertainment and homeland security, to name a few. Luminus plans to use the capital to accelerate development of new products and expand into new lighting markets. The company continues to strengthen its team in sales support, applications engineering and product development, and is recruiting staff in the greater Boston area.
“It’s a big vote of confidence in our company and in the future of solid-state lighting, and we are thrilled to have such strong backing from Braemar, CMEA, Paladin, and our other new investors, as well as the continued support of our earlier investors,” said Udi Meirav, CEO of Luminus Devices, Inc.
Source: luminus.com