US-based light-emitting diode (LED) technology company Bridgelux secured $15m in equity funding on Monday from backers venture capital (VC) firms Harris & Harris Group, VantagePoint Capital Partners, Doll Capital Management (DCM), El Dorado Ventures and Chrysalix Energy, investment funds Craton Equity Partners and Novus Energy Partners, and investment firm Passport Capital.
The funding follows a series E round in August that raised $60m from Craton, VantagePoint, DCM, El Dorado, Novus, Passport and Harris & Harris, as well as VC firm Invus Group. The latest round takes Bridgelux’s funding since its inception over the $190m mark.
Bridgelux plans to use the money to further research, development and scaling of its LED chip technology, which it plans to bring to the commercial market in 2013.
Bill Watkins, chief executive officer of Bridgelux, said: "By continuing to drive down the cost of solid state solutions for general lighting, Bridgelux is helping to expand the market for these solutions, which we expect to grow from $3bn in 2011 to more than $25bn in 2015, generating strong growth for our company and our investors."