LUXIM Corp. announced that it has completed its Series C funding by securing $12M from existing investors. The funds support the company’s expansion to meet what is described as the growing market demand for LUXIM’s energy-efficient LIFI® lighting solutions. Sequoia Capital’s general partner, Michael Moritz will join the board of directors as Chairman.
Commenting on the round, LUXIM Chief Executive Officer, Tony McGettigan credited his investors for their ongoing support. "The funding comes at an exciting time for LUXIM. Adoption of LIFI is accelerating as premier fixture manufacturers discover its breakthrough efficiency, color and quality advantages. Earlier this month at the Prolight+Sound entertainment lighting show in Germany, several market leaders featured LIFI light sources in their next-generation entertainment fixtures, demonstrating the technology’s winning attributes in this sector. We expect to see similar success in the general lighting market at the upcoming LightFair tradeshow in New York City in May," said McGettigan.
McGettigan also welcomed Moritz to the board and paid tribute to Sequoia Capital’s support as LUXIM progressed from a speciality light source provider to a broad-based lighting company. "The Sequoia Capital team has provided invaluable assistance to LUXIM as we crossed the threshold from research through productization and on to volume production. Having Michael on our team illustrates his firm’s enduring enthusiasm for our business."
Moritz noted LUXIM’s growing market momentum, calling the company a particularly promising player in Sequoia Capital’s energy portfolio. "LUXIM has all the investment ingredients that Sequoia Capital appreciates in a business: an existing large market, a novel and transformational technology, and a strong executive team to drive the growth. I’m honored that Tony and his team will put me to work in any manner they deem useful," said Moritz.
