Avalon Capital Advises BrightLED in Series A Financing from Israel Electric Corporation
September 19, 2011
Avalon Capital is pleased to announce that BrightLED, an innovative energy efficienct lighting company, has secured a Strategic Investment in Series A Financing from Israel Electric Corporation's (IEC) Karat Fund. BrightLED is a clean technology company developing high powered and unique LED light engines based on innovative thermal management and optic technology. Avalon Capital acted as the Exclusive Financial Advisor for BrightLED.
"Avalon Capital was a strong partner during this financing and the firm helped management bring the BrightLED story to a broad market of both strategic and financial investors" said Rami Mirsky, BrightLED's CEO. The strategic investment will be used to fund the companys product development, including the development of its robust street lighting solution, and to establish the companys infrastructure as well as its sales and marketing capabilities.
About Bright LED
Bright LED is an innovative provider of advanced High-Brightness (HB) Light Emitting Diode (LED) lighting solutions. The companys products will enable lights to provide higher lumen output via any fixture. Founded in 2009, BrightLED is a subsidiary from MCL Micro Components Ltd. and utilizes unique packaging technology from the semiconductor industry. The Company is headquartered in Haifa, Israel.
About IEC KARAT
Israel Electric Corporation (IEC) has established an internal venture unit, currently named KARAT (the Hebrew acronym for "Accelerating Technological Ideas") which provides a framework of investment and support services to develop, advance, and commercialize innovative ideas in energy-related fields. This initiative follows the growing global need for solutions of "green" (clean) electric energy, lower energy costs, and higher system efficiency, with the objective of decreasing global dependency on carbon fuels.
About Avalon Capital
Avalon Capital is a corporate finance advisory firm specializing in mergers and acquisitions, private capital advisory and public equity market services in both the US and UK for the technology industry. Avalon is highly regarded in particular technology niches including mobile communications, medical devices, cleantech, biopharma, enterprise software and information technology. The firm was founded in 2004 with offices in Tel Aviv and London. Avalon Capital applies partner level experience to the successful execution of advisory and financing transactions for emerging tech companies.