Nuventixtacked $8 million onto its third round of funding. Basically, it's able to silently pump air onto the lights to ensure they don't overheat. With so much demand for LED lighting systems from the commercial sector and government infrastructure projects (e.g. street and traffic lights), they're becoming a vital part of the new, more energy-efficient economy.
Based in Austin, Tex., the company says it will use the money to advance product development, ideally decreasing the size while upping the efficiency of its offerings to make them better suited to outdoor environments. Some of the funds will also go toward building stronger relationships with Asian distributors of its products.
Most LED cooling systems are passive -- for example, aluminum fins that direct air strategically. While Nuventix's more active design is $5 to $10 more expensive, the company says it allows more LED cells to be placed in close proximity, increasing the brightness of lights by up to three times without drawing more power. This could potentially save users money because they would require fewer lights to illuminate the same space, the company says.
In addition to LED-specific products (which make up 75 percent of its portfolio), Nuventix makes cooling systems for industrial chips and server farms.
The recent round of funding closed at $18 million, with $3 million coming from Braemar Energy Ventures and $1 million coming from Uniquest of Korea. The company has raised $32.5 million since its founding in 2005, including its $4 million line of credit provided by Silicon Valley Bank. Nuventix has 30 employees and expects to bring in revenue in the single digit millions in 2009, VentureWire reports.