SunSun Garners $30M in Venture Capital
SunSun Lighting, a provider of high-performance, energy efficient, and low-cost LED lighting solutions, has received $30 million in Series B financing from GSR Ventures and Oak Investment Partners, plus additional commitments from its original angel investors. Oak, a multi-stage venture capital firm, is leading the round. Allan Kwan, a China-based adviser for Oak, is joining the board of SunSun.
“SunSun is committed to shifting the lighting industry to solid state lighting. We offer the world’s first LED lamps that maximize both luminous efficacy and color rendering with the lowest cost. This capital will be used to expand our manufacturing capacity, sales, and marketing efforts, and research and development,” said SunSun Lighting founder and CEO Jianning Sun.
SunSun Lighting eliminates the performance and cost trade-offs of current LED lighting technology by offering a complete LED system, including power electronics, housing, packaging, and optics. The company’s patented PowerXplore technology attains the highest AC/DC conversion rate of 92 percent, compared to the 85 percent conversion rate of the nearest competitor. By innovating at the system level, SunSun achieves both high performance and low lifecycle cost, significantly broadening the potential applications for LED lighting technology.
The company debuted its latest product, the MR16 LED bulb, at LIGHTFAIR International in Las Vegas. The SunSun MR16 is universally compatible with AC/DC 12V and all transformers – solving compatibility issues in replacing halogen MR16s.
Another SunSun product, the LED A19 bulb, has an 800-lumen output, consuming only 8 Watts with a CCT of 2700K and 90 CRI.
“There is a huge market for solid state lighting,” said Sonny Wu, the co-founder and a managing director of GSR Ventures and chairman of the board for SunSun Lighting. “It could be a $300 billion market globally in 3 years. GSR incubated the company in 2010 when Mr. Sun had an innovative idea of designing the LED lightbulb with a revolutionary new architecture. We were the sole investor in the $10 Million Series A round for SunSun and continue to support the company given the phenomenal growth opportunities we see.”
“SunSun Lighting stands out from the many LED companies we have seen over the years,” said Bandel Carano, managing partner for Oak Investment Partners. “We are convinced that SunSun has superior architecture and technology and is well-positioned to scale. Furthermore, we are pleased to partner with GSR on another investment in China, strengthening our strategic relationship with the firm. The combination of GSR’s knowledge of the Chinese market, Oak’s deep domain expertise in clean energy, and SunSun’s technology and leadership team, will help the company realize its tremendous potential.”
“We believe strongly in SunSun’s management team, including CEO Sun and his senior research and development executives,” said Kwan. “The team has assembled a compelling value proposition – a superior silicon-based technology approach, a powerful customer base of world-renowned lighting companies, and a world-class manufacturing facility and process.”
About GSR Ventures
GSR Ventures is an early-stage venture capital firm focused on building world-class technology companies in China. The firm invests primarily in the Internet, wireless, green technology, and semiconductors sectors. Founded in 2004, GSR has 50 companies in its portfolio and more than $1 billion under management. SunSun Lighting is the firm’s 10th investment in energy-efficiency companies. For more information, visit www.gsrventures.com.
About Oak Investment Partners
Oak Investment Partners is a multi-stage venture capital firm and a lead investor in the next generation of enduring growth companies. Since 1978, the firm has invested $9 billion in nearly 500 companies around the world, earning the trust of entrepreneurs with a senior team that delivers steady guidance, deep domain expertise, and a consistent investment philosophy. The firm’s five major growth sectors of focus are information technology, internet and consumer, financial services technology, healthcare services, and clean energy. For more information, visit www.oakvc.com.
About SunSun Lighting
SunSun Lighting is a cutting-edge manufacturer of LED lighting products, based in China’s Jiangsu Province. SunSun eliminates the performance and cost trade-offs of current LED lighting technology by offering a complete LED system, including power electronics, housing, packaging, and optics.