Mitsui Sumitomo Insurance Venture Capital helped LED Engin, a US-based lighting company, raise an undisclosed sum yesterday.
Japan-based insurance company Mitsui Sumitomo Insurance’s corporate venturing unit is a partner of the GVT Fund, run by Industrial Technology Investment Company, part of Taiwan-based Industrial Technology Research Institute, and was joined in the series E round by WK Technology Fund, a Taiwan-based firm backed by some of the country’s biggest industrial companies, and venture firms Partech International, NGP Energy Technology Partners, as well as independent investor and LED Engin’s chairman, Dr. Keh-Shew Lu.
Masayuki Saito, director of Mitsui Sumitomo Insurance Venture Capital, said: “The clean-tech area has been one of our main focuses and we are excited about the opportunity to work and co-invest with GVT in LED Engin. We believe the company’s products will serve the Japan market well.”
Herb Lin, managing partner of GVT Fund, said: “We believe that the LED industry is set to grow and we see that LED Engin possesses pioneer technologies with potential to drive the industry. We are excited to participate in the company’s growth path.”
LED Engin’s $9m series D in 2010 was also backed by venture firm Horizon Ventures and Eyon Group, a US-based marketing company.
The company’s series C in 2007 raised $11m.