eLite Optoelectronics raises $8.5 M, becomes BridgeLux
A fabless chip supplier has raised $8.5 million in venture funding to produce large-area devices for various lighting applications.
The funding will be used for continued capital investments and as well as intensified R&D at the company’s new headquarters and R&D facility in California’s Silicon Valley. The company's products are manufactured in Asia.
Robert Walker, BridgeLux CEO, said, "BridgeLux is leveraging the best of US technology and Asian manufacturing efficiencies, effectively 'bridging a gap' that has hampered many companies in their pursuit of leading-edge technology that can be affordably deployed now, not some years down the road."
BridgeLux supplies large area (~1mm square) power-LED chips that exhibit high light output (~40 lumens) while consuming only 1 watt of power. The company is currently delivering millions of chips every month to customers worldwide.
BridgeLux says that its chips are currently found in mobile appliances, particularly in the camera flash units of mobile phones, as well as in signage, automotive, and various general lighting applications.
Pete Moran, general partner of DCM – Doll Capital Management, said "BridgeLux’s high-brightness LED innovations and efficient manufacturing capabilities make it one of the most compelling players in the SSL space." Scott Irwin, general partner of El Dorado Ventures added, "We're very excited about the opportunities for BridgeLux in the SSL market, where we foresee major growth for years to come."