Australian LED technology developer BluGlass says it has raised $5 million from institutional investors and will seek another $2 million from small shareholders after successfully completing the first phase of a major collaboration with Lumileds.
The Sydney-based BluGlass is developing “low temperature” semi-conductor technology known Remote Plasma Chemical Vapour Deposition (RPCVD) that makes the process of making LEDs more efficient.
The patented hardware and processes target the production of more efficient semiconductor devices at lower cost, and it entered into Phase I of its evaluation agreement with LED industry leader, Lumileds in March this year.
Chief technology officer Dr. Ian Mann said these milestones have broken exciting new ground for the RPCVD technology development. “These initial demonstrations indicate that the novel implementation of RPCVD we are working on with Lumileds has certain advantages over the standard MOCVD process.
BluGlass says the placement will be made at 32c/share, just below its recent peak of near 40c/share. It says it was supported by existing institutional investors and new fund managers. Small shareholders can buy up to $15,000 of stock at the same price.
The money will be used to fund it various collaboration agreements with Lumileds, HC SemiTek, and Veeco; and buy new equipment to accelerate that work with industry partners.