Pacific Light Technologies, a start-up company, based in Portland Oregon (United States), which is in the process of R&D relative to making LED lights more efficient and less expensive has achieved a $3 million venture capital round led by Oregon-based investor groups.
As Sustainable Business Oregon reports, Pacific Light Technologies, working from the Portland State University Business Accelerator, has closed $2 million of the Series A round led by the Oregon Angel Fund and Portland-based venture capital firm Pivotal Investments. Other investors others contributed another $1 million to the round, which brings the total raised to $3 million.
The mission of the Portland State University Business Accelerator (PSBA) is to incubate and accelerate start-up technology and science companies while creating a living laboratory for the University community. The Business Accelerator is part of a larger effort by Portland State University to promote and support industry collaborations that foster economic development for our state in key industries. We focus primarily on the industry clusters of Green Tech & Sustainability, IT & Software, and Biotech/Bioscience.
Companies locating at the gain affordable office and/or lab space with very flexible lease terms. They also can benefit from a range of support services that are designed to help speed each company's time to market. As a result of cost controls and business development support, participating companies have a high probability of success. PSBA client companies typically locate in downtown Portland after graduation and contribute to high-wage job growth and other economic gains for Oregon.
The Oregon Angel Fund (OAF) is a highly structured, professionally managed, investor-driven angel fund. The fund provides accredited investors privileged access to the most promising startups and early-stage growth companies in Oregon and SW Washington. Investors in OAF have the option of receiving memberships in the Portland Angel Network (PAN) and/or, the Oregon Entrepreneurs Network (OEN).
OAF launches a new $3M+ fund each spring. Each annual fund aims to place 4-5 investments over a 12-month active investing period, followed by another 10 years of fund life to grow and exit each portfolio. The fund typically invests $400k-$600k per deal with individual OAF members and venture capitalists investing alongside and after OAF.
OAF was created by OEN in 2007 to encourage veteran and new angel investors to hone their investing skills, with the aim of increasing the number of active angel investors and funded startups in Oregon. Each fund's one-year investment horizon is designed to encourage decision-making, diversification, and learning, as well as to further position OAF as the most-active, local venue for funding startups. The 60+ active OAF investors collaborate on due diligence and use a highly participatory, democratic process to select investments.
Managed by Capybara Management, the fund is sponsored by OEN, Ater Wynne LLP, Geffen Mesher & Co., Perkins Coie LLP, and Umpqua Private Bank. The Oregon Growth Account is a non-voting investor in OAF and proceeds from its investment support public schools in Oregon.
Pivotal Investments, the Northwest's first venture capital firm enabling the sustainable economy through a disciplined, early stage investment approach that recognizes exceptional value today and tomorrow.
The Pivotal team is dedicated to identifying and partnering with the most promising entrepreneurs to build leading companies primarily in the Pacific Northwest. They begin our investment process by sourcing and selecting the highest quality investment opportunities. They follow up by actively and collaboratively working with management teams to build companies that scale beyond the Northwest, generating long-term value. Their commitment is to building great companies and leaders in the sustainable economy that generate compelling financial returns
See a detailed article on the subject at:
http://sustainablebusinessoregon.com/articles/2012/05/pacific-light-lands-3m-for-led.html
No comments:
Post a Comment