BridgeLux completes $23 million funding round
A substantial Series C funding round will enable the Sunnyvale-based company to expand its product lines and marketing efforts.
The funding will be used for product line and market expansion, as well as intensified technology research and development at the company’s headquarters in California’s Silicon Valley.
The round was led by new investor Chrysalix Energy Venture Capital. VantagePoint Venture Partners also joined as a new investor, while DCM, El Dorado Ventures and Harris & Harris Group participated with follow-on investments.
“With its current line of power LED chips, BridgeLux has demonstrated its ability to bring innovative elements into the overall solid-state lighting solution set,” commented BridgeLux CEO, Mark Swoboda.
“This round of financing will really enable an acceleration of the company into specifically targeted applications that result in true partnerships rather than the more typical commodity-supplier type relationships.”
BridgeLux says that its power LED chips have been used by a substantial number of LED packagers and integrators as the basis for their energy-savings light sources in backlighting, displays, camera flashes and various niche lighting applications.
Greg Sullivan, managing director at lead investor Chrysalix Energy Venture Capital, said that his firm invests in compelling technologies and entrepreneurial management teams that are driving fundamental technology changes into the global energy industry.
"BridgeLux fits right in with that model as a company that can bring any number of key elements into the solution set," said Sullivan. "We believe their approach is one that will enable solid state lighting to more quickly reach its full potential for energy savings and sustainability.” Sullivan will be joining BridgeLux’ board of directors.