Wednesday, February 18, 2009

Israeli Startup & Developer of Energy Efficient LEDs Secures Financing from Major American Sources

Oree Inc., a developer of the world’s first flat, ultra-thin, highly energy-efficient LED lighting engine, recently announced that it has secured a $4 million venture loan from SVB (Silicon Valley Bank) and Kreos Capital. The funding will enable the company to expand both its manufacturing and business development activities.

Oree’s technology transmits LEDs onto a uniform surface in an ultra-thin structure, transforming the everyday ‘light bulb’ into an object as thin and flat as a credit card. By doing so, the company is able to significantly decrease the energy consumption and radiated heat of standard lighting solutions. Oree’s unique product, made entirely of non-hazardous materials, offers improved light quality and a longer product life span by improving the amount of light extracted and significantly reducing the system's cost.

The deal marks the first time that Silicon Valley Bank and Kreos Capital have joined forces to finance an Israeli company.

Oree’s main target markets are LCD displays and the professional lighting market. Ideal customers would be office and retail spaces requiring thin, light-weight products that are both discreet and cost-effective. Requiring no physical depth for the lighting fixtures, the product is ideal for displays and decorative lighting environments where a uniform surface illumination is required, but space is limited. The product is also versatile, enabling creative applications of all shapes and sizes - thereby appealing to numerous customer needs.

About Oree
Oree Inc. was founded in 2006 with R&D centers in Israel and Germany. The company is managed by proven entrepreneurs and backed by leading venture capital investors from Europe and Israel. Oree’s technology improves Lumen/Watt yields, shortens the supply chain and offers an inexpensive, simple and efficient product.

No comments: