Additional Funding Secured

CORK Ireland, 09 September 2011

The Bank of Ireland Seed and Early Stage Equity Fund has led an €800k investment in Dublin-based Ikon Semiconductor Limited ("Ikon"), a fabless semiconductor company developing novel solutions for the LED lighting industry. The syndicated investment comprises of a €400k investment by the Bank of Ireland Seed Fund with the remainder of the funds provided by Simple.ie Green BES Fund, Enterprise Ireland and private investors.

LED or Light Emitting Diode lighting is the fastest growing and most efficient source of green energy lighting. Ikon will use the funds to support the development of its single-chip power converter, which resides within the bulb and powers the LED light while improving efficiency, cost, power factor, dimmer compatibility and size. As many governments around the world have passed measures to phase out incandescent light bulbs for general lighting, Ikon is focused on the residential and commercial LED bulb replacement market which is expected to grow exponentially from 80 million units in 2011 to 430 million units by 2013. Commenting on the announcement, Orla Rimmington, Operations Director, Kernel Capital, said: "Kernel Capital is very pleased to lead this investment in Ikon Semiconductor, which will enable the company to tackle the growing global market in LED lighting. The Ikon solution is simpler, smaller and less costly than the competition, and so enables its customers to tackle previously unreachable markets, while simultaneously helping our environment by reducing the power consumed through replacing old-style lighting."

Donal Duffy, Head of Enterprise Ireland Relations, Bank of Ireland said: "We are delighted to add Ikon Semiconductor Limited to the list of cutting edge exporting companies supported by the Bank of Ireland Seed and Early Stage Equity Fund through Kernel Capital. Ikon Semiconductor Limited is a true example of how an investment of this type can support a home-grown Irish company to strategically grow in the LED lighting market, which is critical for the company and also as part of Ireland’s economic recovery."

Welcoming the announcement Greg Treston, Head of High Potential Start Ups at Enterprise Ireland, said: "It is always exciting and inspiring to see an Irish company develop innovative technology for a rapidly growing global market such as the LED market. We are very happy to have supported Ikon Semiconductor and Conor McAuliffe in getting their business to this important funding milestone, and we look forward to helping the company play a role in reducing the cost of LED lighting for consumers right around the World and in so doing, helping with energy saving and the green agenda."

Conor McAuliffe, CEO of Ikon Semiconductor, added: "We are delighted to have high calibre investor Kernel Capital on-board at this stage in the company’s development. Kernel Capital has a strong track record of investment in successful Irish semiconductor companies and this investment is a significant endorsement of Ikon Semiconductor’s unique technology. Download Ikon Semiconductor Press Release The LED lighting market is a high growth area and this funding will allow us to make significant progress over the coming 12 months and capitalise on this market potential."