LED maker Terralux shines with new round of funds
Terralux, maker of light-emitting diode systems, just brought in an undisclosed first round of financing but is already looking to raise more. Based in Boulder, Colo., the company has been operating off of funds provided by its founder, a practice that it has long since outgrown.
With about 30 LED products on the market, Terralux has seen sales jump consistently by 50 to 60 percent each year since its founding in 2003. Right now, it’s emphasis is on its lead product, a 2-inch spotlight as bright as a 50-watt incandescent bulb that only uses 12 watts. This model, dubbed the MR16, goes for about $50 at retail. The company claims that its lights are 85 percent more efficient than incandescents, according to VentureWire. On top of that, its products last an average of 50,000 to 100,000 hours. In context, regular incandescents last about 1,000 hours, and fluorescents run for about 15,000.
As Terralux and its peers gain traction, prices for LED technology continue to fall — about 25 percent every year. In this environment, alternative sources of funding are extremely important. Access Venture Partners provided the recent round — a reputable name that Terralux hopes will open doors at other firms.
Next Story: Wireless media delivery co. Digital Fountain sells to Qualcomm
Previous Story: Fisker ekes out $3M to put finishing touches on its swanky electric car
About the Author, Camille Ricketts
Camille is the lead writer for GreenBeat. She came to VentureBeat from Google where she worked on its traditional platforms team, particularly in TV. Before that, she was a reporter for the Wall Street Journal in New York and London. Follow her on Twitter at @camillericketts, and follow VentureBeat on Twitter at @venturebeat.
With GreenBeat 2009, VentureBeat's all-star conference on all things Smart Grid, coming up in November, Camille will be expanding coverage of this exciting space. Stay up to date by following @greenbeat2009 on Twitter or by becoming a fan of the event on Facebook here.