LED developer gets first financing from GSR Ventures
Chinese LED manufacturer SunSun Lighting has received $10 million in Series A financing from GSR ventures, an early stage venture capital firm. The company will use the funding to improve its technology with a view to establishing itself as a major player in solid state lighting.
Earlier this year, SunSun launched a 9 W LED global bulb intended to replace a standard incandescent 60-watt bulb. The bulb is based on the company's PowerXplore Technology, which is intended to raise power conversion efficacy and lowers manufacturing costs. SunSun has started work on a manufacturing plant capable of producing 30 million LED bulbs a year.
Sonny Wu, founder and managing director of GSR Ventures, said in a press release that SunSun could become a world-class solid state lighting company in five years. He stressed that state-of-the-art lighting has emerged as a robust and fast-growing clean tech sector. "If traditional lighting could be replaced by LED technology, it would be a $300 billion market globally in a few years," Wu said.
GSR Ventures has now made six investments in LED-related companies.
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