Vancouver's Light-Based Technologies Inc. (LBT) announced this morning that they have closed a US $7.5 Million financing round. The Series B round of investment was lead by VantagePoint Venture Partners and as part of the investment, VantagePoint's Managing Director, Marc van den Berg has joined the board of LBT.
The funding will be used primarily to expand sales efforts to Tier 1 customers, as well as to build on and expand the existing intellectual property portfolio that LBT is commercializing.
Comments LBT CEO Jeanette Jackson, "Having VantagePoint as a lead investor and adding Marc to our board with this investment will open doors for LBT that were previously difficult to get open. With more than $4.5 billion under management and a portfolio of companies in the same industry as LBT, we look forward to taking full advantage of the synergies and connections that they will bring as we scale up our licensing and sales efforts."
TSX Venture Exchange traded Angel fund Greenangel Energy Corp has and equity position in LBT.