Lamina closes $7 million round of financing
The latest funding round for Lamina will expand operations and boost its worldwide sales & marketing plan.
The round was led by Easton Capital Investment Group, while current investors Morgenthaler Ventures, Granite Global Ventures, RedShift Ventures and CID Equity Capital also participated. Lamina also announced that Charles Hughes, a managing director of Easton Capital, has joined the company's board of directors.
|MR-16 LED replacement|
At a color temperature of 3050 K, the color rendering index (CRI) is greater than 80, and 4700 K products are also available. Pricing is expected to be less than $25 in OEM volumes. Lamina estimates that each SoL MR16 LED light engine can potentially save more than $700, mainly in reduced labor charges for replacement.
Frank Shinneman, president and CEO of Lamina, said "The close of this funding round is yet another solid endorsement of our technology and the market potential for high brightness solid state lighting. Easton has already proven to us to have the relevant expertise and capital strength to help us accelerate our growth and take our company to the next level."
Easton Capital's Hughes said, "The technology path Lamina has pioneered and continues to develop will truly change the way the world thinks about lighting."
"Market timing is everything in venture investing, and Lamina's products are hitting the market exactly when demand is taking off and when incandescent bulbs are being banned world-wide," says Greg Blonder, chairman of Lamina and its founding venture capitalist. "Lamina is the first and only supplier of light engines with sufficient white-light luminance to easily and economically replace traditional lighting for home and fluorescent lighting in the office."