Oct. 24 (Bloomberg) -- Bridgelux Inc., a maker of light-emitting diode, or LED, lighting, received $15 million in financing to accelerate research and development.
The company will invest the funds to develop its gallium nitride on silicon, or GaN-on-Si, LED chip technology, which is targeted for commercialization in 2013, Livermore, California-based Bridgelux said today in a statement. The financing follows $60 million the company raised in August.
Bridgelux expects the market for so-called solid-state lighting to grow to $25 billion in 2015 from $3 billion this year, Chief Executive Officer Bill Watkins said in the statement.
Investors included VantagePoint Capital Partners, DCM Venture Capital, El Dorado Ventures LP, Novus Energy Partners LP, Chrysalix Energy Venture Capital, Harris & Harris Group Inc., Craton Equity Partners, Jebsen Asset Management AS and Passport Capital LLC, among others.
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