BridgeLux eyes $25M for LEDs

Sunnyvale, Calif.-based LED developer BridgeLux is heading back to the market for an additional $25 million to $30 million between November and January. 

BridgeLux, which provides LED technology to the high-volume solid-state lighting market, raised $40 million in Series D funding in April (see Two funds expand cleantech plans). The round included $30 million of equity and a $10 million line of credit from investors VentureTech Alliance, DCM, El Dorado Ventures, VantagePoint Venture Partners, Chrysalix Energy Venture Capital, and Harris & Harris Group.

The company previously raised $23 million in August 2007 and $8.55 million in May 2005 (see No-go for Nano).

CEO Mark Swoboda told LED industry publication LIGHTimes that it could be the last opportunity for investors to put money in the company.

Swoboda said the company is making significant improvements with its fifth-generation chip, the NLX-5, and expects to improve performance more than 10 percent by the end of the year. Already, the chip's performance represents a 15 percent improvement over the previous generation, he said.

BridgeLux plans to break even next year, Swoboda said. The company has no plans to build a factory, instead relying on partnerships for expanded capacity.

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