LED startup Luminus Devices Inc. announced Monday a $72 million round of financing aimed at expanding its PhatLight products into new markets beyond the solid-state lighting technology it provides for high-definition television and display makers.

The round was led by Braemar Energy Ventures and included CMEA Ventures and Paladin Capital Group. All of Luminus' previous investors also participated; they include Battery Ventures, Argonaut Partners LLC, Stata Venture Partners, Draper Fisher Jurvetson, DFJ New England and Eastward Capital Partners LLC.

Its last round, a $38 million financing that closed in 2006, was aimed at expanding display manufacturing capacity. But this deal marks what six-year-old Luminus referred to as a "significant strategic juncture," as it will fund a move into commercial and consumer lighting as well as other more specialized applications. It's an area that is beginning to see some acquisition activity, much of it driven by lighting and power semiconductor maker Cree Inc.

Cree last month announced it would pay $103.4 million to acquire LED Lighting Fixtures Inc., which makes commercial and residential lighting fixtures. Last year, it agreed to pay up to $320 million to buy Cotco Luminant Device Ltd., a Hong Kong-based maker of high-brightness LED lamps.

Luminus' expansion move looks pretty smart, as, at the very least, it will likely broaden the range of exit opprtunities for its many investors. -- Olaf de Senerpont Domis

See March 17 press release from Luminus
See Feb. 8 post from Tech Confidential
See March 2007 story from TheDeal.com