LED Lighting Fixtures has landed $16.5 million in new equity financing, and the company plans to use the funds to roll out additional products in 2008.
Digital Power Capital, which is part of Wexford Capital, led the funding, which was announced Friday.
Earlier this year LLF closed on $6.5 million in financing from its founders, employees, manufacturing partners and insiders. LLF also launched its first products for home lighting fixtures that are based on its patented technology.
In addition to new products, LLF will use the funds for further research and developing efforts.
LLF was launched by Neal Hunter, a former chairman and chief executive officer at Durham-based Cree, and several former Cree employees. Cree focuses on LED and semiconductor technology, and LLF does utilize Cree LED products.
While LLF light fixtures are more expensive that traditional lighting, the firm touts facts such as longer life, being more environmentally friendly and cutting energy costs.
According to LLF, its LEDS can last 20 years and cut energy costs needed for lighting by 80 percent.
"We are deeply impressed with the comprehensive intellectual property, in addition to the technology savvy and remarkably capable team at LLF,” said Mark Mills, founding partner of Digital Power Capital, said. “Our fund is interested in companies that are leaders of change for power conversion in the 21st century, especially where emerging technologies provide both efficiency and inherently superior qualities. LLF is clearly at the epicenter of this transformation and will likely change the lighting industry."
LLF recently began selling its first product – a “downlight” in warm and white colors. And more products are in the pipeline.
“We are thrilled by the market acceptance of our product and the strong demand that we are seeing,” said LLF President Mike Rogers. “With the close of our financing round, we expect to launch new products early next year that will include a four-inch downlight as well as a recessed architectural lay-in fixture that will be suitable for commercial and office environments."