Aledia, a developer and producer of 3D LEDs based on its Gallium-Nitride-on-Silicon platform, reported that the company closed its Series B financing round. Also, the company announced the execution of development and supply contracts with major LED buyers. The financing round totaling up to €28.4 million (approximately $31 million) includes a new investment from Valeo. Valeo is an automobile-equipment manufacturer and supplier of car lighting systems. Other investors included IKEA GreenTech AB, the venture capital arm of IKEA and the Ecotechnologies fund of Bpifrance, the French national industrial bank. Aledia’s existing international investors – Sofinnova Partners, Demeter Partners, CEAi/ATi, and Braemar Energy Ventures also participated in the round.
“This financing round, abundantly oversubscribed, and particularly the presence of two very large potential corporate customers, testifies to the interest that our cost-disruptive nanowire LED technology is generating in the customer base, as well as in the financial community,” said Giorgio Anania, CEO, chairman and co-founder of Aledia.
Aledia says it is developing a new generation of LEDs it fabricates on large-diameter silicon wafers (200mm or 8-inch). The company contends that the technology promises to be less expensive than traditional “2D” LEDs and that it allows integration of electronics into the LED. The company revealed it is also working on next-generation displays.Aledia said, “We are progressing with the development of the technology and this financing round will allow us to accelerate significantly the speed of development and the customer traction. In Valeo we have a major potential customer in the automotive LED market, generally viewed as the most profitable market segment. Simultaneously with the investment, we have signed a supply agreement with Valeo.”
An Aledia spokesperson said, “We are progressing with the development of the technology and this financing round will allow us to accelerate significantly the speed of development and the customer traction. In Valeo we have a major potential customer in the automotive LED market, generally viewed as the most profitable market segment. Simultaneously with the investment, we have signed a supply agreement with Valeo.”
Maurizio Martinelli, Valeo Visibility Business Group President, said, “We are convinced that Aledia’s 3D LED technology, together with Valeo’s expertise in automobile lighting systems, has the potential to put on the market a technological breakthrough in innovative lighting systems, perfectly in line with Valeo Lighting System’s mission to provide performance and style, and contribute to the safety of road users.”
Christian Ehrenborg, Managing Director of IKEA GreenTech AB, noted, “This technology will be one important part in the IKEA Group strategy to supply high-quality, energy-saving lighting products to consumers worldwide. The low-price opportunity for residential use has the potential of faster implementation of the LED technology, leading to savings for customers. The connectivity functions of Aledia’s technology also open up new interesting possibilities to make life at home more convenient and smarter.”