The Israeli startup Oree, developer of innovative LED lighting technologies, has announced that it
has secured a $4 million venture loan from SVB (Silicon Valley Bank) and Kreos Capital. The company had previously raised a round of $7 million from Genesis Partners and Belgium’s GIMV. The proceeds of this round will be allocated to manufacturing and expanding business development activities.
Oree’s technology enables it to create ultra thin LED (Light-emitting-diode) lights, in a uniform surface that makes a light bulb as thin as a credit card. The solution is energy effificient and significantly reduces the radiating heat of standard lighting solutions. The product also offers a longer life span, improved lighting quality and it can be molded into nearly any shape.
“We are proud that our pioneering, energy efficient solution to lighting has attracted such prominent investors. Despite the turmoil in global financial markets, this financing is a vote of confidence in Oree’s innovative technology and customer traction”
Oree is targeting two of the fastest growing markets: the back lighting needed for LCD displays and part of the professional lighting market, which includes retail real estate and decorative lighting displays with limited space. This technology could prove to be game-changing if it succeeds in creating cheap LCD displays.
Founded in 2004, Oree has a headcount of 18 in two R&D centers in Israel and Germany.