Dublin-based Company Ikon Receives €1m Kernel funding for LED Bulbs Expansion

Dublin-based technology company Ikon, which is engaged in developing more efficient and cost effective LED lighting solutions, has received a further €1m in funding from the Kernel Capital managed Bank of Ireland Kernel Capital Fund II.

And previously it has received €650,000 from the Kernel-led fund.

The firm will now use the new tranche of funds to drive product development and is planning for significant recruitment over the next six months to support these growth plans.

"Ikon's silicon, LED Driver solutions will offer significant benefits to customers in terms of design, size and cost. The company will commence shipping silicon samples to key customers early next year," said Dr Daniel McCaughan, partner and chief technologist at Kernel Capital.

Ikon is zeroing in on the residential and commercial LED bulb replacement market which is expected to grow spectacularly from 80 million units in 2011 to 430 million units by 2013.

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