Efficient lighting company Cree has settled its patent infringement lawsuit with Sunnyvale, Calif. LED maker Bridgelux after two years of litigation. Not only must Bridgelux pay to license the technology from Cree — technology that increases the efficiency of LED lighting systems — but it also signed an agreement to make Cree one of its major suppliers.
The suit encompassed six different patents concerning LEDs (long-lasting lighting systems that cut energy use up to 85 percent relative to a regular incandescent bulb). This type of lighting is currently a hot topic, holding the potential to replace costly and wasteful fluorescent systems in commercial spaces and even street lights.
Bridgelux has raised $63.5 million to date from Chrysalix Energy Venture Capital, DCM, El Dorado Ventures, VantagePoint Venture Partners and VentureTech Alliance. It says it’s gearing up for a fifth round of funding with a target between $25 million and $40 million, reports VentureWire.
See past coverage of Bridgelux and the suit here.