LedEngin closes Series D funding round led by NGP
Fourth-round funding will allow LedEngin to broaden its product portfolio, and boost manufacturing capacity.
NGP Energy Technology Partners has led Series D funding for start-up LedEngin Inc. – a manufacturer of LED components, modules, and replacement lamps. LedEngin plans to use the funding to broaden its solid-state lighting (SSL) centric portfolio, boost manufacturing capacity, and add to its global sales and marketing network.
Neither LedEngin or the investors announced the level of the fourth-round investments. Existing investors WK Technology Fund, Partech International, Horizon Ventures, Eyon Group, and independent investor and LedEngin Chariman Dr. Keh-Shew Lu joined NGP in the round. LedEngin had announced $11 million Series C funding back in 2007.
"The addition of NGP Energy Technology Partners to our existing funding partners will bring one of the most experienced and well respected energy technology focused funds with deep connections and experience in energy markets. We are excited to have NGP Energy Technology Partners on board," said David Tahmassebi, President and CEO of LedEngin. "The latest round of funding provides LedEngin with the financial resources it needs to accelerate growth and meet customer demands."
NGP is an energy-focused private-equity firm formed in 2005 that has $496 million in capital under management. NGP principal Brad Barton said, "LedEngin is led by an impressive management team that has a proven track record and a compelling and focused strategic plan. NGP ETP's investment will allow LedEngin to accelerate the tremendous market penetration it is already experiencing LedEngin's reputation in the marketplace, innovative products, and strong industry acceptance make it an attractive investment for NGP Energy Technology Partners." Barton will also join the LedEngin board.
LedEngin's most recent product announcements include new 230V additions to the LuxPAR family of LED-based retrofit lamps for PAR38 and PAR20 bulbs. The company also recently announced a new LuxSpot LED module that delivers 1200 lm at 21W for track-lighting and downlight applications(see links at right).