Light-Based Technologies Inc., a Vancouver, BC, Canada-based a developer and manufacturer of innovative control and power electronic solutions for LED-based Solid-State Lighting, has closed the second tranche of a Series B financing round totaling US$7.5m.
The round was led by VantagePoint Venture Partners, and Chrysalix Energy Venture Capital.
The company is using the funds to add to its management team, expand sales efforts to Tier 1 customers, as well as to build on and extend the existing intellectual property portfolio that LBT is commercializing.
In conjunction with the investment, LBT has appointed Art Aylesworth as CEO, Matthew Watson as COO, and Barry Hagglund as CTO. Jeanette Jackson, founding CEO, will transition to CMO focusing on strategic customer relationships and industry association participation.
The company, which is also backed by GreenAngel Energy Corporation (TSX VENTURE:GAE), has a development office in Torrance, California,