Luminus Devices, Inc. a Billerica, Massachusetts-based company that develops and manufactures high-performance solid state light sources, announced on Monday that it has closed a $72 million round of venture capital financing. This round was led by Braemar Energy Ventures. Other participants in this round included CMEA Ventures, Paladin Capital Group, and Luminus’ previous investors, which include Battery Venture Partners, Argonaut Private Equity, Stata Venture Partners, Draper Fisher Jurvetson, DFJ-New England and Eastward Capital.
Luminus Devices’ patented PhlatLight technology (Photonic Lattice Light), based on research from MIT, is a new type of solid state light source that combines the benefits of both LED and laser technology. The company states that among the benefits of its PhlatLight technology are environmental benefits such as reduced power consumption needs as compared to other lighting sources. This is illustrated in the following chart of power needs for lighting projection televisions (PTV):
In its funding announcement, the company stated that this funding highlights the strategic shift it is undertaking to offer its technology to a broader set of markets than the TV and display industry it has previously served. According to Udi Meirav, CEO of Luminus Devices:
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. This investment enables a new phase in the growth of our company, and it will provide us with the resources to expand our product line, serve new markets and deliver the full value of our technology to our growing roster of customers.
For more information:
- Luminus Devices, Inc. home page and their PhlatLight(R) products
- Luminus Devices Closes $72 Million Venture Capital Investment (March 17, 2008)
- PhlatLight: The Most Powerful LED in the World (presentation from September 2006)
- Hercules Provides $15.0 Million Financing to Luminus Devices, Inc. (July 20, 2006)
- Luminus Devices Receives $38 Million Investment (May 1, 2006)