Glo secures $30m series-D

The round was led by a new unnamed investor, with participation from existing backers Wellington Partners, Teknoinvest, Nano Future Invest, Energy Future Invest and Foundation Asset Management.

The fresh capital will allow Glo to bolster its work force, as well as develop new products and explore strategic partnerships.

Previous funding
To date, Glo has received around $115m in funding, according to the company. Following an initial seed investment in 2005 led by Teknoinvest, the company secured a further SEK 82m in 2009 from corporate venture firms Hafslund Venture and Agder Energi Venture, as well as Provider Venture Partners, Teknoinvest and Nano Future Invest.

In 2010, Wellington joined the company's shareholding by leading a SEK 170m funding round. Existing investors Provider, Hafslund, Agder Energi, Teknoinvest, VantagePoint Venture Partners and LU Innovation took part in the round, according to unquote" data. Glo's current CEO, Fariba Danesh, was appointed chief executive at the time of the funding round.

Company
Glo span out from Sweden's Lund University in 2005. The company is headquartered in Lund with an additional office in Tokyo and a research and development centre in Sunnyvale, California.

Glo is a developer of nanotechnology-based LED products. The company's nanowire LEDs are designed to offer the long lifespan and low-energy consumption of typical LEDs, but with very low manufacturing costs.

The company employs more than 60 staff.

People
Fariba Danesh is the CEO of Glo. In conjunction with the funding round, Wellington partner Bart Markus has become chairman of the company's board of directors. Teknoinvest managing partner Steven Morrell and Energy Future Invest CEO Tore Schiotz also sit on the board.

Advisers
Company – Carnegie Investment Bank (Corporate finance); GTK Partners (Corporate finance).

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