Sunnyvale, California, USA – April 4, 2006 – eLite Optoelectronics,
Inc., a leading supplier of energy saving, power-LED chips to high-volume
solid state lighting market segments, today announced that it has
raised $8.5 million in venture capital financing from DCM –
Doll Capital Management, El Dorado Ventures, and Harris & Harris
Group and changed its name to Bridgelux, Inc. The funding will be
used for continued capital investments and as well as intensified
research and development at the company’s new headquarters and
R&D facility in California’s Silicon Valley.
The Bridgelux name stems from the company’s “fabless"
business model, which is common in the silicon world, but remains
unique in the high brightness LED industry. While the company’s
corporate and R&D operations are located in the U.S., the company
manufactures its products in Asia.
Dr. Robert Walker, Bridgelux CEO, explains, “Bridgelux is leveraging
the best of U.S. technology and Asian manufacturing efficiencies,
effectively ‘bridging a gap’ that has hampered many companies
in their pursuit of leading-edge technology that can be affordably
deployed now, not some years down the road.” He further notes,
“Our mission is to enable the global acceleration and acceptance
of energy saving solid state lighting (SSL) by providing our customers
with advanced product performance while simultaneously achieving aggressive
cost reduction.”
Bridgelux investors and Board of Directors , Pete Moran, general partner
of DCM – Doll Capital Management and Scott Irwin, general partner
of El Dorado Ventures, have emerged within the venture capital community
as key backers of the promise of SSL technologies such as InGaN blue
spectrum LEDs.
“Far more energy-efficient than incandescent and fluorescent
lights, LED chips are poised to become a major source of lighting
in commercial and residential environments, and Bridgelux is at the
forefront of this global movement,” said DCM’s Mr. Moran.
“Bridgelux’s high-brightness LED innovations and efficient
manufacturing capabilities make it one of the most compelling players
in the SSL space.”
"We were initially attracted to Bridgelux by the company’s outstanding
technical team, which has already delivered a number of industry firsts,"
said El Dorado’s Mr. Irwin. He added, "We’re very excited
about the opportunities for Bridgelux in the SSL market, where we
foresee major growth for years to come."
Bridgelux has developed technology to fulfill an emerging market demand
for large area (~1mm square) power-LED chips that exhibit high light
output (~40 lumens) while consuming only 1 watt of power. Current
applications include retail displays, personal reading lights, flashlights/torches,
flat panel televisions and displays, emergency vehicle warning lights,
and architectural lighting. Dr. Walker added, “Bridgelux is
well on the way to becoming a de facto supplier for some of the highest
brightness applications.
Bridgelux chips are commonly found in your cell phone or camera flash
and in many of the types of lighting products in your home, office,
or neighborhood.”
About Bridgelux, Inc.
Founded in 2003 as eLite Optoelectronics, Inc., Bridgelux is a leading
supplier of energy saving power-LED chips to high-volume market segments.
The company developed and introduced the industry’s first high
volume ITO/InGaN (Indium Tin Oxide / Indium Gallium Nitride) power
light emitting diode (LED) chip and is currently delivering millions
of chips every month to customers worldwide. Customers use Bridgelux
power-LED chips to replace traditional bulb technologies with solid
state products that provide a powerful and energy-efficient source
of blue, green, or white light. Bridgelux chips are currently found
in mobile appliances, signage, automotive, and various general lighting
applications.
Contact Tom Jory, VP of Marketing, at 408-329-5304, website: www.Bridgelux.com