Dec 16 2009
QD Vision, developer of Quantum Light™ nanotechnology-based products for solid state lighting and displays, today announced it raised $10 million in financing from North Bridge Venture Partners, Highland Capital Partners and In-Q-Tel.
This new round of funding will support the expansion of the first QD Vision Quantum Light™ products nto the global solid-state lighting market, and continued advancements on a new generation of quantum dot-based LEDs and materials for high-resolution displays. Founded in 2004 by a research team from MIT, the financing brings to $30 million the total venture investment in QD Vision.
"QD Vision's Quantum Light™ products unleash the power of quantum dots to deliver high quality light and color, and unlike other technologies, they concurrently reduce power consumption, and enable more cost-effective solutions for today's LED-based lighting and display manufacturers," said Dr. Daniel Button, CEO of QD Vision. "The vote of confidence and support from North Bridge, Highland and In-Q-Tel provides QD Vision the resources to meet the huge and growing demand for green-tech lighting and display solutions, which represent a multi-billion dollar global market opportunity."
Since announcing its first product earlier this year--a Quantum Light™ optic for a new LED lamp developed by Nexxus Lighting, Inc. (NASDAQ:NEXS) that combines the warmth and color of incandescent bulbs with the efficiency of LED technology--QD Vision has seen a significant increase in interest from the lighting and display industry in its quantum dot technology. The Nexxus lamp featuring the Quantum Light™ optic is scheduled to ship in Q1 of 2010.
In November 2009, the New England Clean Energy Council named QD Vision the Emerging Company of the Year. On President Obama's recent visit to MIT to give a major address on research and technology innovation, QD Vision's technology was featured as a leading example of clean-tech research and development. In September 2009, the Wall Street Journal recognized QD Vision with a Technology innovation Award.