COLOR KINETICS CLOSES $17 MILLION FINANCING ROUND
Funding Will Help Accelerate Arrival of
Energy Efficient, LED-based Solid-State Lighting to the General Market
BOSTON - August 28, 2002 - In a development that will speed the advancement of a new type of energy-efficient, digitally controllable lighting for the general market, Color Kinetics Incorporated, the leader in intelligent LED-based illumination technologies, announces the completion of a $17 Million round of financing. In addition to the round co-leaders - a major worldwide consumer products company and a leading advanced semiconductor company - this financing round features participation from both existing and new investors.
The funding positions Color Kinetics for tremendous growth, leadership and market competitiveness in the $40+ billion global illumination market. The company's flagship line of technologies, which are used today in a variety of commercial and consumer applications, leverage a patented layer of digital intelligence called Chromacore® to control LEDs, generating millions of colors and a variety of lighting effects. Through its pioneering use of LEDs as an illumination source, Color Kinetics offers a low power, ultra-long life, low heat and UV-free illumination solution, transcending the limits of traditional illumination to create an extremely energy efficient, cost-effective and versatile source of light.
The new investment will be used to extend Color Kinetics' current business lines and leverage the company's wide-ranging intellectual property to develop solid-state lighting solutions for the general market, including intelligent white light. Color Kinetics is committed to vigorously extending and defending this growing intellectual property portfolio, which today includes 11 issued U.S. and International Patents and over 90 patent filings.
For over five years, Color Kinetics has led the advancement and adoption of solid-state illumination across the professional lighting space. With the help of this funding, Color Kinetics will continue its progress in bringing new generations of its intelligent LED systems and control technologies to the general market as well. Color Kinetics Co-founder, Chairman and CEO George Mueller notes, "We're focused on aggressively bringing the technology to market ahead of the previously predicted adoption curve, and at very accessible price points. The continued support of all of our investors will enable us to move solidly into the general illumination market, capitalizing on the full potential of our technology and transporting illumination from the analog to the digital age."
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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