BridgeLux, the US LED epitaxial plant invested by TSMC's venture capital VTAF, announced on the 14th that it has successfully raised $50 million in additional Series D financing and will actively expand production. At the same time, William D. Watkins served as CEO and director, and former CEO Mark Swoboda became president.
According to Taiwan media reports, TSMC's venture capital VTAF invested in BridgeLux in April 2008 and obtained a directorship of the company. At that time, it was regarded as TSMC's foothold in the LED industry, which shocked the LED industry in Taiwan. TSMC confirmed the investment, but said it was a professional decision of VTAF.
However, TSMC announced in 2009 that it will enter into new businesses such as solar and LED, and the LED business will invest US$46 million. BridgeLux announced that it has successfully raised $50 million in additional Series D financing, which is curious as to whether TSMC is a new investor.
Bridgelux said that this new round of fundraising is led by Vantage Point Venture Partners, and DCM and existing investors are also participating in the program. The over-subscription of this fundraising also includes new investors. Bridgelux plans to use this raised capital to actively develop manufacturing technologies, expand global manufacturing facilities, and promote technology research and development activities to meet rapidly increasing market demand.
Bridgelux also announced the appointment of William D. Watkins as CEO and Director, effective today. From June 2007, Mark Swoboda, who is the CEO of Bridgelux, will be transferred to the position of President, leading product development, R&D, business and marketing.
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