COLOR KINETICS CLOSES $13 MILLION FINANCING ROUND
Investment will fund technology and product development, sales force and market expansion, intellectual property strategy
Boston, MA - February 18, 2004 - Color Kinetics Incorporated, the pioneer of intelligent LED-based illumination technologies, today announced the completion of a preferred stock financing round totaling
$13 million. The round was led by Needham Capital Partners, with participation by new investors, such as ThinkEquity Investment Partners, and existing investors, such as SAC Capital Advisors.
Color Kinetics intends to use its net proceeds from the financing for on-going technology and product development efforts, an expansion of its sales force, growth in its diverse markets and channels, and the continued support of its intellectual property portfolio.
"This additional funding will strengthen the company's balance sheet and support our efforts to continue improving our technology, market and intellectual property position in intelligent LED illumination," said George Mueller, Chairman and CEO. "We're committed to growing the business by re-investing in research and development, building a world-class sales organization and expanding our intellectual property portfolio, which we expect will fuel new OEM and licensing opportunities."
Color Kinetics' technology is used worldwide in sophisticated commercial lighting systems, residential
and consumer products, and third-party lighting solutions that exhibit both the cost efficiency and visual impact of LEDs as a fast-growing alternative to conventional illumination methods. Color Kinetics is a leading innovator of LED-based lighting technologies that enable new and diverse applications.
About Color Kinetics
Color Kinetics Incorporated is the pioneer of intelligent solid-state illumination technologies. The company designs, manufactures and markets an award-winning line of products that apply the practical and aesthetic benefits of LEDs to transcend the limits of traditional light sources for use in professional, consumer, and OEM and licensing applications. Its flagship line of technologies leverage a patented layer of digital intelligence, called Chromacore®, to generate and control millions of colors and dynamic lighting effects. Color Kinetics leads the industry in solid-state lighting innovation, including the custom engineered Chromasic® microchip, and holds a growing patent portfolio encompassing a number of emerging digital technologies. Founded in 1997, the company is privately held and is headquartered in Boston, MA with offices in the UK, China, and a joint venture in Japan. More information can be found at http://www.colorkinetics.com.
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