Luminus Devices Raises $19 Million
Source/Type:  LIGHTimes Online - News - Staff reports

Author: LIGHTimes News Staff

February 23, 2010... Luminus Devices, Inc., the maker and developer of PhlatLight LEDs based in Billerica, Massachusetts USA, reported the closing of its round of funding totaling $19 million. The round was led by current investors Argonaut Private Equity, Braemar Energy Ventures, Paladin Capital Group and Stata Venture Partners. The funding comes less than six weeks after the company settled its dispute with Hercules Growth Capital in which Luminus alleged that Hercules reneged on its lending agreement and seized its bank accounts (Ref: Coverage). At the time, Hercules claimed that luminus's finances deteriorated so rapidly that it doubted that it could make its $800,000 monthly payments. (Ref: Coverage). After the issue was resolved with Hercules, other investers stepped in with $19 million additional funding.

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