Two Nordic corporate venturing units have invested as part of a SKr170m ($25m) series C round for Glo, a Sweden-based developer of lights.
Hafslund Venture and Agder Energi Venture, the corporate venturing units of an eponymous utility and hydroelectric company respectively, reinvested in Glo. Germany-based venture capital firm Wellington Partners led the C round, with peers Provider Venture Partners, VantagePoint Venture Partners and Teknoinvest and the Lund University’s investment division as the remaining consortium members.
At the same time, Glo hired Fariba Danesh as chief executive and the opening of an engineering centre in the US.
Danesh was previously senior vice president of Nasdaq-listed Avago Technologies, in charge of its light-emitting diodes (LED) and laser devices.
Danesh said she would help lead Glo towards mass production of nanowire-based semiconductor LEDs.
Glo raised SKr82m in its series B round in November.