|Access Venture Partners, a seed and early stage venture capital fund, has closed an investment with TerraLUX. The solid-state lighting company, which designs, manufactures and distributes high-power LED OEM solutions, says that the funds will speed up its expansion into the portable and general lighting markets.
Details of the deal are not available, but will provide TerraLUX with substantial financial capacity to add senior management plus development, manufacturing and engineering talent.
In addition, TerraLUX will be able to expand its inventory to meet the increasing demand for its patented TerraLUX LED Light Engines®.
TerraLUX was founded five years ago to focus strictly on the application of solid state lighting devices to the lighting markets. It had initial successes with LED replacements for portable and low voltage applications, including four patent awards and nationwide channels for its LED upgrade kits, work lights and flashlights.
Over a year ago, TerraLUX entered the general lighting market with AC lighting products for the specialty lighting and architectural lighting arenas. TerraLUX is an official marketing partner with top Philips Lumileds via the Future Lighting Solutions Network and with Cree as a Cree LED Solution Provider.
“The tremendous demand for LED lighting in the USA is not being met today in quality, performance or efficiency by current providers. TerraLUX is entering 2009 with a plan to capitalize upon this situation by providing a new breed of OEM LED light engines for the general lighting industry,” said Carl Kalin, VP of sales and marketing.