Nanowire LED developer Glo gets SEK 170 million

The money (Euro 18.6 million)comes from the European venture capital firm Wellington Partners and from existing investors.

Glo is a Lund University spin-off, developing low-cost LEDs, based on the nanowire research at nmC@LU headed by professor Lars Samuelson. Currently, Glo has some 60 employees: in Lund, at the pilot production site located at DTU Danchip in Lyngby, and in Silicon Valley.

– The first product to reach the market will probably be made in the US, says Fariba Danesh, newly appointed president of Glo, to Rapidus news.

She believes that the new capital will be enough to take Glo´s first product to market, but adds that the time horizon is hard to estimate. Fariba Danesh is the former senior vice president of Avago Technologies (Nasdaq:AVGO).

The list of Glo owners include Teknoinvest, Agder Energi Venture, Hafslund Venture, Nano Future Invest, VantagePoint and Provider Venture Partners. Glo was founded in 2005.