April 3, 2006, Sunnyvale, CA--eLite Optoelectronics, a supplier of LED chips to high-volume solid state lighting markets, 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. 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 Sunnyvale.
The BridgeLux name stems from the company's "fabless" business model. While the company's corporate and R&D operations are located in the U.S., the company manufactures its products in Asia.
"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," said Robert Walker, BridgeLux CEO. "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 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.
"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 Pete Moran, general partner of DCM and a BridgeLux board member. "BridgeLux's high-brightness LED innovations and efficient manufacturing capabilities make it one of the most compelling players in the SSL space."