LatticePower to Light Up World Through Disruptive Silicon LED Technology and Global Expansion Plan
2 July 2014, Hong Kong - LatticePower Corporation, the first company to commercialize high performance GaN-on-Silicon LED lighting, announced today an $80 million initial round of new financing led by Asia Pacific Resources Development Investment and a major breakthrough for its disruptive GaN-on-Silicon technology through the inaugural launch of its LED mobile flash for smartphones and devices. The new round of funding will be used to expand LatticePower’s R&D and manufacturing capabilities, finance the company’s rapid sales growth and ensure its leadership position in developing high performance, affordable GaN-on-Silicon LED light bulbs and fixtures. The signing ceremony was held at Four Seasons Hotel in Hong Kong on July 2nd, 2014. Mr. Sonny Wu, co-founder and Managing Director of GSR Ventures and Executive Chairman of Lattice Power, and Dr. Min Wang, CEO of Lattice Power hosted distinguished guests including leading industry veterans, investment bankers and renowned analysts at the ceremony.
“LatticePower’s commercial GaN-on-Silicon LED technology has provided us the opportunity to be on the leading edge of the green revolution and an overnight leader in the LED market: mobile, auto and general lighting,” said Dr. Min Wang, CEO of LatticePower. “This new round of funding will allow us build the necessary scale to be competitive in this fast-evolving and growing market and enable the company to meet the growing demand for our industry-leading products from an expanding customer base across the globe.”
Since 2006, LatticePower has developed disruptive silicon-based GaN LED technology and filed over 200 global patents. The company has succeeded where many others have failed in this technology. Developing GaN-on-Silicon LEDs have been a vexing problem for the industry as a result of the lattice and thermal expansion mismatches between GaN thin film and the silicon substrate. By developing a series of breakthrough proprietary technologies to overcome these challenges, LatticePower is able to manufacture high performance, high quality, extremely reliable, and affordable LEDs with over 150lm/W efficacy.
Worldwide attention to energy-saving and sustainability has led to the vigorous development and fast-pace growth of the LED industry. According to Lux Research, the LED lighting market will reach $100 billion globally by 2022. With the new financing and its technology breakthroughs, LatticePower will immediately expand production in China and is scouting locations for its research R&D and manufacturing facilities in the USA. More specific announcements on site selection of these facilities as well as new strategic partnerships will be made in the autumn.
“With dedication and innovation contributed by scientists like Dr. Zhao and Dr. Sun as well as industry leadership by Dr. Min Wang, LatticePower’s disruptive Silicon-based LED technology has achieved world class performance—exceeding criteria like ENERGY STAR. What’s incredible is that we have only scratched the performance surface. Plus, the GaN-on-Silicon technology is highly scalable using automated production making it more affordable than other technologies in the market today. The company will leverage its proprietary technology to build a global network of R&D teams, starting by integrating a Korean and Taiwanese team in 2014 and expanding to build a US R&D and manufacturing center by 2015,” said Sonny Wu, LatticePower Executive Chairman, “LatticePower will revolutionize the lighting industry.”
Since 2006, GSR Ventures has been the lead investor for LatticePower, spinning the technology out of a local university laboratory in Jiangxi and building a world-class team of devices physics and new-materials-PhDs from around the world to overcome the difficult challenges in creating GaN-on-Silicon LEDs. “When I saw the research capabilities of LatticePower and SunSun Lighting earlier this year, I was impressed. This is one of the first technology investments that leverages China-based innovation to solve a difficult industry problem, and it will have a big impact on the global market. I’m looking forward to the company bringing this R&D and manufacturing to the United States," commented Francisco Sanchez, former US Under Secretary of Commerce for International Trade.
This round of investment, led by Asia Pacific Resources Development Investment and GSR Ventures, and joined by Mayfield Fund and Crescent HydePark, completes a successful transformation of the company from a Jiangxi-based R&D startup to a global company with R&D and sales operations in Changzhou, Nanchang, Hong Kong, and Palo Alto, USA.
Innovating the next generation of light bulbs and fixtures using advanced GaN-on-Silicon LEDs, LatticePower has brought about the convergence of performance, design and affordability in lighting. The company’s proprietary GaN-on-Silicon LED lamps and fixtures deliver outstanding efficacy, superior brightness and excellent color rendering. As a vertically integrated company, LatticePower designs, engineers and manufacturers all the components in its fixtures, optimizing performance and reducing time to market at scale.
The company is backed by leading investors including GSR Ventures, Temasek Holdings, Mayfield Fund, AsiaVest Partners, Keytone Ventures, Crescent HydePark, and Asia Pacific Resources Development Investment and employs a world-class team of scientists, engineers and lighting experts. With more than 200 patents and patent applications, LatticePower’s IP portfolio and proprietary technologies have been integrated into the company’s advance, yet affordable, commercial grade LED light bulbs and fixtures.
LatticePower: Lighting the world with silicon — reliable, scalable and disruptive.
For more information, visit www.lpglighting.com and www.latticepower.com