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Source : Business Wire

Thursday, March 20, 2014 10:26AM IST (4:56AM GMT)

(BW)(CA-GLO-AB)

Glo AB Completes $30 Million Series D Funding

Light-Emitting Solutions using Nanowires

Calif., Sunnyvale, United States

Glo AB, a company that provides high-quality light source solutions for displays, illumination, and automotive sectors using its proprietary nLEDTM technology, announced today that it has completed a $30MM Series D financing. Glo will use the funds to add to its product portfolio, team, and strategic partnerships.

The Series D financing comprises a majority of funds from new investors. A new investor led the round, with participation from existing shareholders including Wellington Partners, Teknoinvest, Nano Future Invest, Energy Future Invest, Foundation Asset Management and others. Carnegie Investment Bank acted as placement agent for Glo in connection with financial investors in the Series D round. GTK Partners is the company’s strategic advisor. Glo has received approximately $115MM of funding to date.

"We and our customers are excited about the market entry of our first-generation nLED products, demonstrating superior color and competitive efficiencies, thus realizing the promise of cutting-edge nanotechnology for optical applications. Glo’s products are next-generation light sources that go beyond the technology limitations of standard planar LEDs. We are aggressively growing our capabilities and strategic partnerships to provide nLED products for all applications,” said Fariba Danesh, Chief Executive Officer of Glo.

To further accelerate growth, the company has augmented its management team and Board of Directors:

Source : Business Wire