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LED technologist BridgeLux closes on $40 million

The maker of technology to produce energy-efficient lighting adds to more than $31 million raised in previous rounds.

BridgeLux, a maker of technology to produce energy-efficient light-emitting diode (LED) lights, said Tuesday that it raised $40 million in a fourth round of funding, which includes a $10 million line of credit.

The investment was led by VentureTech Alliance. Earlier investors Doll Capital Management, El Dorado Ventures, VantagePoint Venture Partners, and Chrysalix Energy Venture Capital also participated in the round.

The Sunnyvale, Calif.-based company, formerly called eLite Optoelectronics, plans to use the money for market research and development. As part of the investment, Jim Diller of VentureTech Alliance will join the company's board of directors. In August, the 6-year-old company brought in $23 million from a round of investors; and in 2006, it raised $8.5 million.