The Center for Innovative Technology announced today that its CIT GAP Funds joined a seed round investment in LiteSheet Solutions, a producer of a patented, highly energy-efficient LED lighting and manufacturing processes based in Bedford, Va.
Ed Albrigo, CIT President and CEO, said, 'CIT is honored to invest in innovative entrepreneurs and products that are the foundation of our new Virginia economy. The team at LiteSheet has developed new lighting innovations that will not only reduce energy consumption but also produce jobs here at home.'
LiteSheet's AC Direct LED light engine reduces energy consumption by up to a factor of 15 times delivering 140 lumens/watt with unsurpassed reliability. The energy reduction is accomplished by eliminating the AC to DC power supply that is used by conventional LED lighting. In addition, LiteSheet has simplified the complexity of their products to help reduce production costs to allow manufacturing to take place completely in the Commonwealth of Virginia. Their target market and current customer base consists of public buildings, universities, hospitals, manufacturing plants, distribution centers, parking garages, large retailers, public utilities and transportation infrastructure. The worldwide market in 2012 for general lighting was $100 billion.
Roger Whyte, LiteSheet President and CEO, said, 'Our technology has been enthusiastically received in the marketplace, and customers are asking for a wider range of products. We will use these investments to support the introduction of new products, develop additional patents, and support additional marketing.'
The CIT investment came from its GAP Funds Commonwealth Energy Fund (CEF) that invests in high-growth, 'commercially-available' energy ventures that demonstrate a high-level of commercial-readiness. In particular, the CEF seeks the very best ventures with the ability to immediately generate significant revenues - and - to create high-value jobs within the Commonwealth of Virginia. Also participating in the round for the first time is the Charlottesville Angel Network.
Tom Weithman, CIT GAP Funds Director, said, 'The CIT GAP Funds leverages public and private investments for entrepreneurs like Roger Whyte. Our team conducts meticulous due diligence on these companies and their teams, while introducing them to our network of private investors - all of which continue to fill a market need for these innovative entrepreneurs.'
Over its 10-year history, CIT GAP Funds has leveraged nearly $18 million with $331 million in private capital, an 18.5 leverage ratio. The total enterprise value of its portfolio is now reaching $800 million. Investments made by CIT through June 2015, are projected to result in more than 8,000 new Virginia jobs.
About LiteSheet Solutions, LLC, http://lstus.com
LiteSheet Solutions, LLC, is the AC Direct LED lighting innovation company that develops and commercializes products for the commercial and industrial lighting market. The founders have combined their extensive knowledge of lighting technologies and manufacturing processes to create highly efficient lighting with reduced production costs. The result is the most economical, environmentally friendly, and sustainable LED lighting available.
About the Center for Innovative Technology, http://www.cit.org
Since 1985, CIT, a nonprofit corporation, has been Virginia's primary driver of innovation and entrepreneurship. CIT accelerates the next generation of technology and technology companies through commercialization, capital formation, market development and revenue generation services. To facilitate national innovation leadership and accelerate the rate of technology adoption, CIT creates partnerships between innovative technology start-up companies and advanced technology consumers. Follow CIT on Twitter @CITorg and add the Center for Innovative Technology on LinkedIn and Facebook.