Light-Based Technologies (LBT) has closed the second tranche of a financing round totalling $7.5m. The series B Round of investment was lead by cleantech-focused venture capital firms VantagePoint Venture Partners and Chrysalix Energy Venture Capital.
As part of the investment, LBT has added to its management team, appointing Art Aylesworth as CEO, Matthew Watson as COO and Barry Hagglund as CTO. Aylesworth was recently CEO of Carmanah Technologies for five years, during which time sales grew to over $60m and the workforce increased by more than twenty fold.
The funding will be used primarily to expand sales efforts, as well as to build on and expand the existing intellectual property portfolio that LBT is commercialising, the company said.
The addition of this experienced management team will help drive LBT’s already rapid rise to a leadership position in developing the world’s most advanced controls for LED lighting.
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