France-based LED lighting manufacturer Aledia has raised a €28.4m ($31m) series B round from investors including Ikea GreenTech, the corporate venturing arm of furniture retail chain Ikea, and automotive equipment manufacturer Valeo.
French state-owned investment fund Bpifrance also invested through its Fonds Ecotechnologies, while Sofinnova Partners, Braemar Energy Ventures, Demeter Partners and CEA Investissements all returned for the round.
The series B round was oversubscribed.
Sofinnova, Demeter, Braemar and CEA previously provided €10m for a series A round in 2013.
Founded in 2011, Aledia manufactures LED lighting based on a novel technology that significantly reduces the cost of the lights. The company has signed a supply agreement with Valeo as part of the latter’s investment.
Giorgio Anania, chief executive, co-founder and chairman of Aledia, said: “We are progressing with the development of the technology and this financing round will allow us to accelerate significantly the speed of development and the customer traction.”