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Luminus Devices raises $19 Million

By SiliconIndia | Wednesday, 24 February 2010, 21:54 Hrs

Bangalore: Massachusetts based Luminus Devices, a designer, developer and manufacturer of high light output PhlatLight LEDs, has raised $19 million of venture financing round. This funding round is led by the current investors Argonaut Private Equity, Braemar Energy Ventures, Paladin Capital Group and Stata Venture Partners.

According to the company, this investment creates a fully funded operating plan to increase profitability, maintain minimal debt, support growth and the expansion of Luminus' products and applications. This includes "Big Chip" LEDs in specialty lighting applications, projection displays, digital signage and ultra-violet industrial processes.

"This financing has dramatically improved our balance sheet, simplified our equity structure, while better aligning investor objectives with management's market-focused strategy,"said Keith T.S. Ward, President and CEO, Luminus Devices. Arvind Baliga is the VP of Engineering of the company.

Luminus' display business is thriving as PhlatLight LEDs are now being powered in every projection platform technology, including: DLP, 3LCD and LCOS. Founded in 2002, Luminus technology enables products that use LEDs in all projector categories, including pico, pocket and data, as well as home theater.

"We continue to be bullish on energy efficiency, especially in the area of LEDs and solid state lighting, which makes up a large portion of our portfolio. With our expertise in the area and Luminus' dominance as a LED manufacturer and supplier across multiple market segments, it provides a great investment opportunity for Braemar," said Dennis Costello, Managing Partner, Braemar Energy Ventures. "Through our past investments in the company, as well as those of our partners, we've been able to support the growth of Luminus' technology. Today, we're pleased to see more and more lighting applications are using PhlatLight LEDs."

"We invest in companies with strong leadership and breakthrough innovations in high growth markets. We're proud to back the Luminus team again. It's incredibly rewarding to see the rapid adoption of the PhlatLight LED products in a diverse range of commercial, industrial and defense applications," said Dr. Paul Conley, Principal, Paladin Capital Group.

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