Monday, March 17, 2008

Luminus lands $72M in fifth round

Billerica-based light-emitting diode maker Luminus Devices Inc. has closed $72 million in new funding, bringing the company's total raised to nearly $140 million since its photonic lattice technology was spun out of MIT in 2002.

The Series E funding was provided by a syndicate of investors, including lead investor Braemar Energy Ventures of Boston, Stata Venture Partners of Westwood, Battery Ventures of Waltham, CMEA Ventures of California and Paladin Capital Group in Washington D.C.

Traditionally focused on bringing its Phlatlight light-emitting diode (LED) technology to high-end flat panel televisions and displays, the new funding is expected to help the company penetrate new applications, from commercial and consumer lighting to specialty applications in the medical, entertainment and homeland security industries, according to company officials.

Luminus' PhlatLight technology is a new type of solid state light source based on the company's photonic lattice structures, originally developed through research at MIT. The company boasts several well-known customers in the television and display market, including Samsung Electronics.

Over the past month the company has also landed two new distribution partners. Toyota Tsusho America Inc. (TAI), a wholly owned subsidiary of electronics distributor Toyota Tsusho Corp., plans to distribute Luminus' products for television and projector customers in China, Taiwan, Korea, and Mexico. In the western hemisphere, Avnet Electronics Marketing, an operating group of Arizona-based Avnet Inc., is responsible for selling to general illumination customers throughout North and South America.