Bridgelux Raises $50m in Series D Financing

Bridgelux, Inc., a Sunnyvale, CA-based light-emitting diode (LED) manufacturer and solid-state light sources (SSL) developer, raised an additional $50m in a Series D financing.
The round, which was oversubscribed, was led by VantagePoint Venture Partners, with participation from existing and new investors.
The new funds will enable the company to develop its manufacturing technologies and expand its global manufacturing infrastructure to meet increasing market demand while continuing to drive its technology research and development activities.
In addition, Bridgelux appointed William D. Watkins as chief executive officer and a member of the board of directors, effective immediately.
Watkins joins the company after a 13-year career at Seagate Technology, a hard disc drive and storage solutions company, where he most recently served as chief executive officer.
During his time at Seagate, Watkins, 57, led growth strategies and improvements across all areas of the business, increasing revenue from $6.5bn to over $13bn in his five years as CEO.
Mark Swoboda, who has served as CEO of Bridgelux since June 2007, will remain with the company and become president, leading product development, R&D initiatives and sales and marketing efforts.

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