GE unit GE Energy Financial Services and The Bergquist Company joined existing investors Braemar Energy Ventures, CenterPoint Ventures, InterWest Partners and Rho Ventures to complete a $10 million investment round to fund Nuventix's global expansion and technology advancements. GE's investment was made as part of its ecomagination Challenge, created to accelerate the deployment of innovative technologies through open collaboration and financial support. The license agreement between GE Lighting and Nuventix complements GE's effort to develop reliable, longer-lasting LED products and systems. GE Lighting's scientists and product developers see the Nuventix SynJet technology as an enabler of broader and faster LED module adoption.
"Nuventix's technology can improve the quality of LED lights by making them brighter, longer-lasting and potentially cheaper," said Steve Briggs, vice president of marketing and product management at GE Lighting.
From an investment standpoint, Ricardo Angel, senior vice president of venture capital at GE Energy Financial Services, said, "As the company that helped introduce lighting into homes and businesses more than 130 years ago, GE brings more than money to this investment, such as unparalleled expertise and market reach, to accelerate the adoption of next-generation lighting."
LEDs, or light-emitting diodes, are semi-conductors that produce light, which must be cooled to prevent quick burnout. Nuventix developed a method for moving air to cool LEDs using a single oscillating membrane, called a SynJet®, as an alternative to traditional fans. Lighting fixture companies can employ Nuventix's technology for spot, down, track and accent lighting fixtures that also use high-brightness light engines such as GE's Infusion® LED modules.
The market for LED lighting is growing as businesses and consumers prefer its energy-efficient, longer-lasting features over legacy technologies that cost more to run and maintain.
"This funding and collaboration with GE Lighting will power our global expansion and technology growth as we advance SynJet technology for use in LED lighting and electronics," said Jim Balthazar, CEO and president of Nuventix. "Our technology cools hot electronics reliably, efficiently, quietly, and in the form factors designers want. We aim to continue to lead the market."
The investment amount for each firm participating in the funding round was not disclosed.
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