Oree Inc., a developer of a flat, ultra thin, efficient LED lighting engine, announced that it has secured a $4 million venture loan from Silicon Valley Bank (SVB) and Kreos Capital. The funding will be devoted to manufacturing and expanding business developments activities.
Oree’s technology enables the transmission of LEDs into a uniform
surface in an ultra thin structure, making the "light bulb" as thin and
flat as a credit card. The technology significantly decreases the
energy consumption and radiated heat of standard lighting solutions, the company said.
The product, made of entirely non-hazardous materials, offers improved light quality with a longer life span, according to a company release.
The deal represents the first time Silicon Valley Bank and Kreos Capital join forces to finance an Israeli company.
"Without a doubt, Oree’s technology is game-changing and the potentials from such an efficient lighting solution are tremendous," says Raoul Stein, general partner at Kreos Capital. "The technology opens the industry to exciting new possibilities by introducing new products while minimizing costs, and together with our partners at SVB we look forward to seeing great things happen".
Oree is targeting two of the largest growing markets, including LCD displays and a large part of the professional lighting market. This includes office or retail spaces that desire thin and light weight products that are discreet and cost effective. As there is no physical depth for the lighting fixtures, the product is ideal for displays and decorative lighting environments where a uniform surface illumination is needed, but space is limited. The product is flexible inviting creative applications of all shapes and sizes.
Founded in 2006 with R&D centers in Israel and Germany, Oree is managed by proven entrepreneurs and backed by leading venture capital investors from Europe (Gimv) and Israel (Genesis Partners). While the LED industry is relatively young and scrambling for innovative solutions, Oree says its technology improves Lumen/Watt yields, shortens the supply chain and offers an inexpensive, simple and efficient product.
Loading...