Lamina Closes $7 Million Round of FinancingLamina, Inc. Press Release
FlashlightNews.org - 4/27/2007
Funding will expand operations and boost worldwide sales & marketing plan
Lamina Ceramics, Inc
WESTAMPTON, N.J. - Lamina, Inc., developer of the brightest commercially available LEDs today, today announced it has raised $7 million in a series D round of financing to expand company operations. Easton Capital Investment Group led the round, while current investors Morgenthaler Partners, Granite Global Ventures, Mellon Family Investments, RedShift Ventures and CID Equity Capital also participated.
Proceeds from the financing also will be used to move the company into its next stage of development and support the expansion of the worldwide marketing and sales plan for its growing product portfolio.
Lamina also announced that Charles B. Hughes, a managing director of Easton Capital, has joined the company’s board of directors.
Founded in 2001, Lamina defines the state of technology with the development and manufacture of high power LED light engines. Lamina’s proprietary packaging technology provides unsurpassed thermal management and interconnectivity, enabling the delivery of highly reliable and functional LED lighting solutions for a myriad of lighting applications.
This past week, Lamina introduced its newest light engines with outputs as bright as many traditional bulbs used in home, office, retail, commercial and exterior applications. The TitanTurbo™ line represents the state-of-the-art in high-output LED light engines. It is immediately available to lighting application designers in 2 models that deliver more than 2,000 lumens in daylight white and more than 1,000 lumens in warm white light. The company demonstrated both products to much acclaim this past week in Milan, Italy at Euroluce, Europe’s premier lighting show. TitanTurbo™ will debut in the U.S. at LightFair International 2007 in New York City May 8-10.
“We are delighted to have Easton Capital Partners and Easton Hunt New York as investors and strong supporters of Lamina,” said Frank M. Shinneman, president and CEO of Lamina. “The close of this funding round is yet another solid endorsement of our technology and the market potential for high brightness solid state lighting. Easton has already proven to us to have the relevant expertise and capital strength to help us accelerate our growth and take our company to the next level. We welcome Easton’s active participation in our board discussions, particularly on strategic growth issues. Also of critical importance are the firm’s connections in the financial and technology communities that we feel will be quite beneficial for us as we continue to grow."
“Easton Capital is excited to join the Lamina team,” said Charles B. Hughes, managing director, Easton Capital. “The technology path Lamina has pioneered and continues to develop will truly change the way the world thinks about lighting. We are also pleased that Lamina will be significantly expanding its presence in New York.”
“Market timing is everything in venture investing, and Lamina's products are hitting the market exactly when demand is taking off and when incandescent bulbs are being banned world-wide,” says Greg Blonder, chairman of Lamina and its founding venture capitalist. “It is the first and only supplier of light engines with sufficient white-light luminence to easily and economically replace traditional lighting for home and fluorescent lighting in the office. That makes Lamina’s light engines the clear-cut solution to the world’s growing concerns about the role of excess energy consumption in global warming.”
About Easton Capital Group
Easton Capital Group (Easton) is a venture capital firm which invests primarily in growth capital and healthcare opportunities through its funds, including Easton Capital Partners, L.P., Easton Hunt Capital Partners, L.P. and Easton Hunt New York LP (a fund dedicated to investing in New York State companies). Its target investments are well-managed companies characterized by differentiated products addressing major unserved markets. Easton's partners have more than 180 years experience in venture capital, having managed more than $1.5 billion in assets. Easton has offices in New York and Florida. For more information, visit www.eastoncapital.com.
About Lamina Ceramics, Inc
Lamina defines the state of technology with the development and manufacture of high power LED light engines. Lamina’s proprietary packaging technology provides unsurpassed thermal management and interconnectivity enabling the delivery of highly reliable and functional LED lighting solutions for a myriad of lighting applications.
Lamina continues to lead the transition from traditional lighting such as incandescent, halogen and mercury vapor fluorescent to solid-state solutions for general lighting. The company is supported by an industry-leading global sales and distribution network.
Lamina’s investors include Morgenthaler Partners, Granite Global Ventures, Mellon Family Investments, Easton Capital Investment Group, Sarnoff Corporation, RedShift Ventures, CID Equity Capital and Kemet Electronics Corporation.