Mayfield Fund Participates in Series B Investment in ShineOn

BEIJING--(BUSINESS WIRE)--ShineOn Holding Incorporation, a high-tech company focusing on packaging, chip and applications design for the high brightness LED market, today announced the successful closing of its Series B round of investment, bringing its total committed funding to date to $51.5 million. Mayfield Fund participated in the investment round along with GSR Ventures, Northern Light Ventures and IDG-Accel Capital.

“We are excited to invest in ShineOn to support its team’s mission to establish a leadership position in LED packaging within the multi-billion dollar LED value chain.”

ShineOn was founded by industry veterans with many years of technical and management experience in major US optoelectronic companies. The company produces LED products with low thermal resistance, high brightness and excellent color uniformity to meet the requirements for LCD backlighting applications for various panel sizes, including TVs, monitors, and notebooks. The high brightness LED products also provide highly efficient and environment-friendly solutions for both indoor and outdoor illumination applications to serve the strong and growing market demand for energy saving and carbon emission reduction products.

“We believe that the lighting industry is poised to follow the evolution of the IT industry over the last three decades, with giants that will be created at the chip, component, system and software layers,” said Navin Chaddha, Managing Director of the Mayfield Fund. “We are excited to invest in ShineOn to support its team’s mission to establish a leadership position in LED packaging within the multi-billion dollar LED value chain.”

“ShineOn brings together the benefits of U.S. design expertise and Chinese manufacturing expertise, and has launched a series of high quality products. We have secured design wins with major LED backlighting and solid state lighting manufacturers and are now at the critical stage of ramp up and expansion of our production capacity,” said Dr. Frank Fan, President of ShineOn. “We are very pleased to have Mayfield Fund, one of the premier U.S. venture funds as an investor. This new round of funding not only gives us sufficient capital to support our strong growth, but also demonstrates confidence from world class investors in ShineOn’s technology and products.”

About Mayfield Fund

Mayfield Fund invests in relationships with entrepreneurs, institutions, and the community to transform bold ideas into industry-leading companies. With $2.7 billion under management, Mayfield invests primarily in early stage U.S. companies in the Enterprise, Consumer, Energytech, Semiconductor and Telecom sectors. The firm fosters global entrepreneurship by investing in India-based companies through its Mayfield India fund and in China-based companies with its partner GSR Ventures. Over its 42 year history, the firm has invested in more than 500 companies resulting in over 100 IPOs and more than 100 mergers or acquisitions.

For more information about Mayfield Fund, visit our Web site (www.mayfield.com) or follow us on Facebook (http://www.facebook.com/mayfield) or Twitter (@mayfield).