FireFly LED Closes More Than $300,000 in Series-A Funding Round with Texas Angels
The Austin Technology Incubator (ATI), a not-for-profit arm of The University of Texas at Austin, announced today that its member company, FireFly LED Lighting, Inc., raised more than $300,000 in its series A funding round with investors from Central Texas Angel Network (CTAN) and Concho Valley Angel Network (CVAN).
Austin,Texas (PRWEB) July 28, 2010 — The Austin Technology Incubator (ATI), a not-for-profit arm of The University of Texas at Austin, announced today that its member company, FireFly LED Lighting, Inc., raised more than $300,000 in its series A funding round with investors from Central Texas Angel Network (CTAN) and Concho Valley Angel Network (CVAN).
FireFly’s full range of LED bulbs enables direct replacement of existing incandescent and fluorescent bulbs, both indoor and outdoor, to lower energy and maintenance costs for customers by up to 90 percent. More than reducing costs, FireFly’s “Smart LED” bulbs come loaded with sensors to make lighting infrastructure smarter from the hallway to the flood light to the street corner.
FireFly CEO Steve Barcik said the funding will go immediately to accelerate FireFly’s engineering and manufacturing, processes the company has established in Texas. In addition, he said, the funds will enable initial demonstration projects and sales.
Barcik said the initial funding round was crucial in honing FireFly’s message and direction as a company. “Going through the process with CTAN and CVAN really helped us differentiate ourselves,” Barcik said. “It was a great experience for myself and the company.”
Participating in FireFly’s series-A round was CTAN’s first substantial investment in a clean technology-focused company, Randall Crowder, the network’s director, said. “FireFly is going after a large market with significant competitors,” Crowder said. “It says a lot about their technology and management that they have done so well raising money from local angels.”
FireFly formed in June of 2009 and became an ATI member company in October of the same year. The company’s stage in growth made them an ideal fit for the ATI’s value proposition, ATI-Clean Energy Incubator director Mitch Jacobson said.
“Since coming on board, we have assisted them in company and market strategy and direction,” Jacobson said. “We’ve also helped them to raise funds from private and public sources, introduced them to key individuals in our network and assisted them in finding talent for their company. We are very high on Steve and his team and on the Firefly business model and will continue to go down the road of success with them.”
Immediately following acceptance as a member company, FireFly got its feet wet after the ATI team urged them to compete in October, 2009’s Clean Energy Venture Summit. “The Clean Energy Summit was our first and biggest pitching event,” Barcik said. “It got the community on board, lined up investment and got our company in front of top venture capital teams.”
About the Austin Technology Incubator
The Austin Technology Incubator is a nonprofit unit of The University of Texas at Austin that harnesses business, government and academic resources to provide strategic counsel, operational guidance and infrastructure support to its member companies to help them transition from early stage ventures to successful technology businesses. Since its founding in 1989, ATI has worked with over 200 companies, helping them raise close to $750 million in investor capital. ATI is a key program of the IC2 Institute at The University of Texas at Austin. For more information, visit www.ati.utexas.edu
About FireFly LED Lighting
FireFly provides full range of “Smart LED” light bulbs for direct replacement of incandescent and fluorescent bulbs. FireFly’s LED Lights are low energy, low heat and have a long life allowing customers to reduce heat and energy costs by up to 90 percent. With control and sensors built into the lamps to create a smart building from the socket down, we provide a worldwide range of options for reducing energy and improving efficiency. FireFly has designed lights that meet customer and market demand for light output and reliability. Any where you see a light source you will see FireFly lamps, bulbs, and fixtures. For more information, visit www.fireflyledlight.com.