Glo, a Sweden-based LED lighting product developer backed by Norway-based energy company Agder Energi, has completed a $30m series D round that takes its total funding to $115m.
Glo said the round was led by a new investor, which it did not disclose. However, a clue to its identity could be that Kambiz Hooshmand, an advisor to private equity firm SilverLake Sumeru and a general partner at venture capital firm Archimedes Ventures, has joined Glo’s board in conjunction with the round.
The company did not disclose whether Agder’s corporate venturing unit, Agder Energi Ventures, which invested in Glo’s $25m series C round in 2010, participated in the D round, but did say that existing backers including VC firms Wellington Partners, Energy Future Invest and Teknoinvest, Nordic investment vehicle Nano Future Invest, wealth management firm Foundation Asset Management, “and others” had participated.
Originally spun-out from research conducted by Lund University’s Nanometer Structure Consortium at in 2005, Glo produces LED lighting products using advanced gallium nitride materials. It services the illumination, display and automotive industries, and will use the funding to increase its workforce, product portfolio and strategic partnerships.