Luminus Devices receives $72 million in venture funding
With strong backing, Luminus is seeking to move from projection and display applications into solid-state lighting.
Luminus plans to use the capital to accelerate development of new products and expand into new lighting markets. The company continues to strengthen its team in sales support, applications engineering and product development, and is recruiting staff in the greater Boston area.
The investor syndicate was led by Boston-based Braemar Energy Ventures and included a number of other funds, notably San Francisco-based CMEA Ventures and Washington, D.C.-based Paladin Capital Group, which are similarly focused on energy and environmentally friendly technologies. In addition, all of Luminus’ previous investors participated in the financing.
Luminus says that the latest financing highlights a significant strategic juncture for the company, which until now has been focused on light sources for the TV and display industry. Luminus is the dominant supplier of LED light sources for projection TVs and mini (pocket) projectors. It has also developed an LED BLU (Backlight Unit) for LCD panels, which is slated to enter production later this year.
However, Luminus is now targeting a broader array of applications for its PhlatLight LED technology in the solid-state lighting arena. Opportunities range from general commercial and consumer lighting to specialty applications such as medical, entertainment and homeland security.
The company's PhlatLight LEDs are characterized by extremely high brightness, and are currently sold as red, green and blue chipsets. The company has yet to unveil a white LED.
“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,” said Udi Meirav, CEO of Luminus Devices, Inc. “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.”
“We are very bullish on LEDs and solid state lighting, and we are excited to invest in one of the most promising companies in this space, with ground-breaking technology and outstanding execution,” said Dennis Costello, managing director at Braemar Energy Ventures.
“Luminus has a strong management team, superb scientists and engineers, a reputation for quality products, and a growing network of world class partners. We feel this combination will enable Luminus to grow significantly in the next few years and further establish its leadership position in the fast-changing lighting industry.”