Monday, April 23, 2012

LED Engin successfully closes series E funding round

SAN JOSE, USA: LED Engin Inc., a California-based solid-state lighting company specializing in high lumen density LED lighting components and optics, 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.”

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