SOURCE: Luminus Devices, Inc.
March 17, 2008 07:00 ET
Luminus Devices Closes $72 Million Venture Capital Investment
Draws Energy-Oriented Investors as It Targets Expansion Into New Lighting Markets
BILLERICA, MA--(Marketwire - March 17, 2008) - Luminus Devices, Inc., the developer and
manufacturer of PhlatLight® (Photonic Lattice) LED products for a wide
variety of display and illumination applications, today announced the
closing of a new round of financing of over $72 million. 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.
This latest financing highlights a significant strategic juncture for
Luminus, which had been traditionally focused on light sources for the TV
and display industry but is now targeting a broader array of applications
for its PhlatLight LED technology. The opportunities for solid-state
lighting range from general commercial and consumer lighting to specialty
applications such as medical, entertainment and homeland security, to name
a few. 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.
"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."
Engineered for unprecedented light intensity, PhlatLight technology has
enabled display applications that were previously out of reach for
conventional light emitting diodes. PhlatLight LEDs are currently replacing
traditional lamps in projection TVs and digital projectors from top-tier
brands. And now, the unparalleled brightness of Luminus' products is
enabling a novel solid-state backlight for flat-screen LCD TVs, a
cost-effective green alternative to mercury-based fluorescent backlights.
This PhlatLight BLU (Backlight Unit) was demonstrated at the recent
International Consumer Electronics Show in Las Vegas and will be in
production later this year. But the company is now aiming even further,
targeting the vast market opportunity for general lighting.
"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
Luminus independently produces its high-performance LEDs, with advanced
manufacturing operations in Massachusetts and overseas. PhlatLight products
made by Luminus are not only exceptionally bright, but have also become a
benchmark of reliability and longevity among solid-state light sources.
Luminus has assembled a network of partners, suppliers and complementary
technologies to enhance the value and facilitate the adoption of its novel
light sources. In recent weeks, the company also announced the engagement
of two new distributors for its products, which are expected to play a key
role in its future growth.
About Luminus Devices
Luminus Devices, Inc. develops and manufactures high performance
solid-state light sources for a variety of illumination applications,
including high definition TVs, video projectors, avionics displays, and
lighting systems. Its patented PhlatLight® (Photonic Lattice) LED
products are the brightest and most versatile solid-state light sources
available today and are enabling innovative products and applications never
before possible. Luminus Devices' headquarters and primary manufacturing
facilities are located in Billerica, Massachusetts, U.S.A. For more
information, visit www.luminus.com and www.phlatlight.com.
Note to editors: PhlatLight is a registered trademark of Luminus Devices.