Luminus closes $19 million funding round led by current investors
The new investment fully funds the company's operating plan to expand production and enable growth with minimal debt.
Investors including Argonaut Private Equity, Braemar Energy Ventures, Paladin Capital Group and Stata Venture Partners have led a new investment round in Luminus Devices. Luminus specializes in LEDs for specialty applications such as projection displays, digital signage, and ultra-violet industrial processes.
The new funding will allow Luminus to expand product offerings and the breadth of target applications. Keith T.S. Ward, president and CEO, Luminus Devices, said “This financing has dramatically improved our balance sheet, simplified our equity structure, while better aligning investor objectives with management’s market-focused strategy.”
Luminus' PhlatLight LEDs are currently designed into products such as projectors at leading consumer electronics companies such as Acer, LG, Philips, Sony, Samsung, and Toshiba. The products are in DLP, 3LCD, and LCOS projection products. The company targets the range of applications from pico projectors to home theater.
The investment group sees a bright future for Luminus. “We continue to be bullish on energy efficiency, especially in the area of LEDs and solid state lighting, which makes up a large portion of our portfolio. With our expertise in the area and Luminus’ dominance as a LED manufacturer and supplier across multiple market segments, it provides a great investment opportunity for Braemar,” said Dennis Costello, managing partner, Braemar Energy Ventures.
Dr Paul Conley, principal at Paladin Capital group, added, " We invest in companies with strong leadership and breakthrough innovations in high growth markets. We’re proud to back the Luminus team again. It’s incredibly rewarding to see the rapid adoption of the PhlatLight LED products in a diverse range of commercial, industrial and defense applications.”
Ironically, Luminus was almost force from business in early January (see related stories at right for details). Now the company appears both stable and ready for growth.