GVT Fund leads Series E financing propelling LED Engin to expand its growth in the global LED market
San Jose, CA, USA: April 23, 2012: LED Engin, Inc., a California-based solid-state lighting company specializing in high lumen density LED lighting components and optics, today announced the successful completion of its Series E financing. GVT Fund, a leading technology fund led the round and was joined by co-investor MSIVC, existing investors WK Technology Fund, Partech International, NGP Energy Technology Partners, and independent investor and Chairman, Dr. Keh-Shew Lu.
The Series E funding allows LED Engin to expand operations in response to increasing market demand for its products. The financing will be used to broaden the LED Engin product portfolio, increase manufacturing capacity and to expand its worldwide sales and marketing network. Leveraging its unique and innovative packaging and optical technology, LED Engin is poised to take advantage of robust growth in the LED market...
"The latest round of funding provides LED Engin with the financial resources it needs to accelerate growth" said David Tahmassebi, President and CEO of LED Engin. "The addition of GVT Fund to our existing funding partners brings increased and well- respected energy-focused funds with deep connections and experience in Asia markets. We are excited to have GVT Fund on board."
"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," said Herb Lin, Managing Partner of GVT Fund. "We are excited to participate in the company's growth path."
"The cleantech area has been one of our main focuses," said Masayuki Saito, Director of MSIVC, "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."
About LED Engin
LED Engin, based in California's Silicon Valley, specializes in ultra-bright, ultra-compact solid state lighting solutions that allow designers and engineers the freedom to create uncompromised yet energy efficient lighting experiences. Their LuxiGen™ Platform - an emitter and lens combination or integration module solution, delivers superior flexibility in light output, ranging from 3W to 90W, a wide spectrum of available colors, including whites, multi-color and UV, and the ability to deliver upwards of 5,000 high quality lumens to a target. The small size combined with powerful output allows for a previously unobtainable freedom of design wherever high flux density, directional light is required.
About GVT Fund, L.P.
About MITSUI SUMITOMO INSURANCE Venture Capital Co., Ltd.
MITSUI SUMITOMO INSURANCE Venture Capital is the venture capital arm of Mitsui Sumitomo Insurance in MS & AD Insurance Group, the largest insurance company in Japan which has a strong sales network comprising over 300 bases in more than 40 countries and regions. Based in Tokyo since 1990, the firm has invested into promising companies across a variety of industry sectors both in Japan and in North America, while helping build significant enterprises. MITSUI SUMITOMO INSURANCE Venture Capital currently has funds under management worth US$ 300million.