LED Engin closes oversubscribed Series E round with addition of a new investor and incremental funding based on achieving milestones
LED Engin, Inc., a California-based solid-state lighting company specializing in high lumen density LED lighting components and optics, today announced the successful completion of its Series E financing. As part of the Series E initial funding announced in April 2012, LED Engin was given the option of additional investment by lead investor GVT after achieving certain performance-related measures including revenue growth goals. LED Engin successfully met all of the objectives increasing the overall funding in the round. In parallel, LED Engin welcomes new investor CEC Capital Management ("CEC Capital") to close the Series E round with approximately $12 million raised.
LED Engin continues to gain traction in a wide range of LED markets, including high-end commercial and hospitality white lighting, entertainment lighting and industrial UV applications. The Series E funding allows LED Engin to expand operations in response to increasing market demand for its products. The financing will be used to further expand its innovative product portfolio, increase manufacturing capacity, and add resources to increase its worldwide sales and marketing network. Leveraging its unique and innovative packaging and optical technology, LED Engin is poised to take advantage of robust growth in the LED market.
"LED Engin continues to see strong demand in several high-growth LED markets and with key customers. We welcome CEC as we strengthen our connections in the Asia markets," said David Tahmassebi, President and CEO of LED Engin. "We are particularly pleased to have met the revenue growth targets and other performance measures set by GVT to earn additional funding in this round and to accelerate this growth through 2013 and beyond."
"We are very excited to be part of the LED Engin team," said Guo Jin, Vice President of CEC Capital. "The market for LEDs is undergoing significant growth and this investment demonstrates our conviction that LED Engin will become the leading supplier of high power LEDs for a variety of markets and applications."
LED Engin, Inc. 651 River Oaks Parkway San Jose CA 95134 USA Tel: 001 408 922 7200 Fax: 001 408 922 0158