GSR, Oak lead $30m Series B round for SunSun Lighting
China-based LED manufacturer SunSun Lighting has raised $30 million in Series B financing from GSR Ventures and Oak Investment Partners in addition to commitments from its original angel investors. The investment comes nearly a year after SunSun secured $10 million from GSR in a Series A round.
Allan Kwan, a China-based advisor for Oak, is joining the board of SunSun. Sunny Wu, co-founder and managing director of GSR, is already a member. GSR first incubated the company in 2010, largely based on an innovative design for a new LED light bulb from Jianning Sun, founder and CEO of SunSun.
Last year, SunSun launched a 9 watt 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 lowe manufacturing costs. The company will debut its latest bulb, which is compatible with AC/DC 12V currents and all transformers, later this month.
"There is a huge market for solid state lighting," said Wu. "It could be a $300 billion market globally in three years." The US Department of Energy estimates that switching to LED lighting over the next two decades could save $120 billion in energy costs in America alone.
GSR has made a total of six investments in China's LED space. In addition to SunSun, its portfolio companies include LatticePower Corporation, Lattice Lighting, Dalian Golden Sanwei Technology, Shineon and Times Energy Corp. SunSun is seen to complement these existing interests as it is more of a general lighting manufacturer than a niche player.
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