TerraLUX, Inc., a Colorado-based Solid State Lighting company specializing in integrated LED solutions for OEM and Retrofit applications has closed a series B venture capital financing round of USD 18.3 million. The round was led by new investment partner Generation Investment Management based in London, with participation from existing investors Emerald Technology Ventures and Access Venture Partners. Also participating were undisclosed private investors as well as company founder Anthony Catalano and members of the TerraLUX Executive Management Team.
Founded in 2003 by Dr. Anthony Catalano, TerraLUX initially targeted the portable device market with considerable success and grew from that foundation into the general lighting market as the underlying technology matured. Since the initial venture capital investment in 2009, TerraLUX has grown significantly in both the illumination market as well as the portable device space, accumulated additional patents, introduced several new LED Engine products, and added strong lighting industry veterans to the management team.
The new capital will be used to accelerate the company’s growth in all segments of the business with a particular development focus on LED Engines and technologies for both OEM and Retrofit applications in general illumination.
“This investment represents a continued endorsement of the accumulated intellectual property, robust and diverse customer base and TerraLUX success in solid state lighting,” said Mark Verheyen, President and CEO of TerraLUX. Chairman Brian Dundon added, “We are very pleased to have Generation Investment Management on board, given their global commitment to sustainability and long-term investing, understanding of the sector, and diverse partnerships. We are also pleased with the ongoing support of Emerald Technology Partners and Access Venture Partners, as well as our new private investors. Investment participation by the individuals of the executive management team further reinforces the excitement and level of commitment within our team.”
“We are proud to bring TerraLUX into our investment portfolio,” stated Generation Partner Colin le Duc. “With advanced technology such as LEDSense® Thermal Management and Dynamic Transformer Recognition, TerraLUX is poised to accelerate the adoption of energy-efficient solid state lighting by reducing barriers of entry and backing up the promise of extended lifetime and durability.” Le Duc has assumed a new position on the TerraLUX Board of Directors.
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