CIT invests in Bedford firm specializing in energy-efficient LED lighting
The Center for Innovative Technology announced Wednesday that CIT GAP Funds joined a seed-round investment in LightSheet Solutions, a Bedford-based producer of LED lighting and manufacturing processes.
LiteSheet’s AC Direct LED light engine reduces energy consumption by up to a factor of 15 times delivering 140 lumens/watt. LiteSheet also has simplified the complexity of its products to help reduce production costs to allow manufacturing to take place in Virginia.
The company’s customers include public buildings, universities, hospitals, manufacturing plants, distribution centers, parking garages, large retailers, public utilities and transportation infrastructure.
“Our technology has been enthusiastically received in the marketplace, and customers are asking for a wider range of products,” Roger Whyte, LiteSheet President and CEO, said in a statement. “We will use these investments to support the introduction of new products, develop additional patents, and support additional marketing.”
The CIT investment came from its GAP Funds Commonwealth Energy Fund (CEF) that invests in high growth, energy ventures that demonstrate a high-level of commercial-readiness. In particular, the CEF seeks the very best ventures with the ability to immediately generate significant revenues. Also participating in the round for the first time is the Charlottesville Angel Network.
Over its 10-year history, CIT GAP Funds has leveraged nearly $18 million with $331 million in private capital, an 18.5 leverage ratio. The total enterprise value of its portfolio is now reaching $800 million.