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GSR, Oak ink $30m financing for LED light provider SunSun

9 May 2012

GSR Ventures and Oak Investment Partners have joined existing angel investors in a $30m financing for LED lighting solutions company SunSun Lighting.

The firm said it would use the capital to expand its manufacturing capacity, sales and marketing and R&D departments.

Allan Kwan, a China-based adviser for multi-stage venture capital firm Oak, joined the SunSun board as part of the deal.

GSR co-founder and SunSun board chairman Sonny Wu said, “There is a huge market for solid state lighting. It could be a $300bn market globally in three years.

“GSR incubated the company in 2010 when Mr Sun had an innovative idea of designing the LED lightbulb with a revolutionary new architecture.

“We were the sole investor in the $10m Series A round for SunSun, and continue to support the company given the phenomenal growth opportunities we see.”

Oak managing partner Bandel Carano said the investment had strengthened its strategic relationship with GSR in the Chinese market.

He said, “SunSun Lighting stands out from the many LED companies we have seen over the years.

“We are convinced that SunSun has superior architecture and technology and is well-positioned to scale.”

The US Department of Energy has estimated that switching to LED lighting over the next two decades could save $120bn in energy costs in the US alone.

Last month Bamboo Finance  led a $4m financing round in India-focused solar-powered home LED light provider Greenlight Planet.

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