Luminus Devices, Inc.has 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, DC-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. 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,” says 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,” states 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.”
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.