Group IV Semiconductor has announced that it received a substantial new round of investment led by Garage Technology Ventures Canada with Applied Ventures, a subsidiary of Applied Materials, and with existing investors including Khosla Ventures and BDC Venture Capital. These investments will further expand Group IV's aggressive program to use its revolutionary silicon-based nanofilm technology to dramatically reduce the cost of solid-state lighting and enable its widespread global adoption.
"The race is on to create energy-efficient lighting alternatives as awareness grows of the enormous waste of energy caused by conventional technologies," said Stephen Naor, CEO of Group IV. "Our vision is to create silicon-based light engines – many times more efficient than conventional bulbs and much more economical than today's LED alternatives – to provide the world with a brighter, more sustainable future. We are delighted that Garage Canada, Applied Ventures and our existing investors share this vision and recognize this unique opportunity to transform a $12 billion market."
Group IV will also collaborate with Applied Materials to develop a low cost manufacturing process that will enable Group IV to accelerate its technology towards product commercialization and production.
Group IV's solid-state light engines use a single-chip, AC-powered, silicon-based process that can deliver dramatic cost savings relative to conventional LED technologies. Since production cost is generally considered to be the last remaining hurdle for mass adoption of solid-state lighting, Group IV projects that its unique materials system will provide a crucial competitive advantage in creating high efficiency, long-life lighting products that outperform incandescent, compact fluorescent and fluorescent lighting.
"We consider Group IV to be one of the most exciting new technology companies in Canada," said Tom Sweeney, Managing Director and General Partner of Garage Technology Ventures Canada. "It fits our model of identifying true innovation that has the clear potential to materially impact or redefine existing or emerging markets. The team at Group IV has impressed us and our colleagues in Silicon Valley. With the added benefit of Applied Materials on the team, we are clearly on a path to substantial value creation and energy-efficient, mercury-free, customer choices in the fast-growing solid-state lighting industry."
"We believe that Group IV has significant technology that complements Applied Materials' work in developing cost-effective nanomanufacturing technology solutions," said J. Christopher Moran, Vice President and General Manager of Applied Ventures. "Using our 40 years of experience in providing high-productivity manufacturing systems to the silicon IC industry, we look forward to working with Group IV to help increase the efficiency and lower the cost of this energy-saving technology."
