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Tampa-Based LEDnovation Lights Up $3M of $5M - cbl
By citybizlist Staff
TAMPA, Fla. -- Lighting product developer LEDnovation Inc. has raised $3 million of its $5 million equity financing round via two investors, according to an SEC filing.
The Tampa, Fla.-based company deals with delivering energy efficient, eco-friendly lighting products through the development and deployment of innovative LED replacement lamps.
Venture capital firms Argonaut Private Equity, based in Tulsa, Okla., and Stata Venture Partners, based in Needham, Mass., led the investment round.
According to the filing, the proceeds will be used to provide working capital for ongoing operations, including continuing to pay salaries.
Principals named in the Reg D filing are CEO and President Israel Morejon and directors Jason Martin of Argonaut, and Leonard Barbieri and Udi Meirav, both of Stata Venture Partners.
Reg D filing: http://tinyurl.com/2v62kvm
Bios from LEDnovation's Web site:
Israel Morejon - CEO and President
Mr. Morejon brings 21 years of combined experience in the military, medical, consumer and R&D fields. He began his career in the defense industry designing missile guidance and control systems. Later, he founded an engineering design and consulting company named Integrated Engineering Technology (IET). At IET, he designed ASICs used in digital video encoding and compression, universal dimming controllers for lighting, hearing aids, kidney dialysis systems, robots and the core waveguide technology used in speed guns. Afterward, Mr. Morejon joined Johnson & Johnson where he designed multi-platform acute care patient monitoring products. Subsequently he joined Jabil Circuit, Inc. working in the management design and R&D Areas. He was initially promoted to Director of Design Services to oversee the company's global product development capabilities. Mr. Morejon architected a diverse group of products including automotive, wireless, storage, computing devices, laptop docking stations, camera modules, PDAs and smart phones. In the Research & Development field, he pioneered the last mile wireless modem technology and optical tomography cancer systems. As Chief Technology Director, he architected an LED Rear Projection TV, LED edge emitting LCD Back Light and nanoprojectors. A prolific innovator, Mr. Morejon has numerous pending and granted patents in a variety of technology areas. Mr. Morejon is an engineering graduate from the University of South Florida.
Board of Directors
Bios from WiTricity's Web site:
Jason Martin, Managing Director, Argonaut Private Equity
Jason Martin is Managing Director of Argonaut Private Equity. Argonaut Private Equity is a diversified global private equity fund with more than $3.5 billion under management. Its equity investments span such diverse markets as alternative energy, consumer electronics, financial services, media, telecommunications, medical devices, aviation, retail and healthcare. Prior to founding Argonaut, Mr. Martin was Managing Director of Solutions Architecture for Williams Communications, where he led investments in more than a dozen companies. His previous experience includes senior management positions in the telecommunications industry and managing institutional investment programs. Mr. Martin currently serves on several boards of directors, including Luminus Devices, Yulex, LEDnovation, Flash Networks, IdentityTruth, TransPharma, Cordys and Achronix. He is a graduate of Harvard College.
Leonard Barbieri, Managing Partner, Stata Venture Partners
Mr. Barbieri is the Managing Partner of Stata Venture Partners. Stata Venture Partners is a private equity fund that invests in early stage, new business opportunities around the world. They have strategic investments in a wide array of technologies. Prior to the formation of Stata Ventures Mr. Barbieri served as the CEO of Tomey Corporation between 1994 1999 and the VP Sales/Marketing from 1991 1994. Tomey is a leading Medical Device manufacturing company with design, manufacturing and sales offices around the world. Between 1981 and 1991 Mr. Barbieri worked in a variety of management capacities between Operations, Engineering and Sales/Marketing at General Scanning and Teradyne Laser Systems. General Scanning produces Optical-scanning products for wide array of technology companies. Teradyne Laser Systems produces laser marking, trimming and memory repair equipment for the semiconductor industry. Mr. Barbieri has served as a board member for technology and financial related companies over the last 15 years.
Bio from Sentrigo's Web site:
Udi Meirav, Partner, Stata Venture Partners
Udi Meirav is a partner with Stata Venture Partners, a Boston based fund focused primarily on early stage investments in technology, energy and life sciences. Before joining SVP he was CEO of Luminus Devices, Inc., a Boston area company that develops and manufactures high power LEDs and has been selling products into consumer electronics and a wide variety of lighting applications. Prior to Luminus, Udi was a senior engagement manager with Strategic Decisions Group (SDG), an international consulting firm serving major corporations in life sciences, technology, energy and other industries. Earlier in his career Udi held a faculty position as a senior scientist in the Department of Physics at the Weizmann Institute of Science. Udi holds a Ph.D. in Physics from The Massachusetts Institute of Technology.
Posted July 29, 2010