CORK Ireland, 15 November 2012

Ikon Semiconductor Limited the Dublin-based technology company developing more efficient and cost effective LED (Light Emitting Diode) driver solutions for the LED lighting industry has received a further €1m investment from the Kernel Capital managed Bank of Ireland Kernel Capital Fund II. This Fund which targets investments in the €1m to €5m range is designed to provide substantial follow on funding to Companies that have already received angel and seed finance.

Ger Goold, Partner, Kernel Capital said: "Following a successful investment of €650k through our Bank of Ireland Seed Fund, this subsequent Series A investment from our Bank of Ireland Kernel Capital Fund II is likely to be the first of a number of further investments by our fund as we take the Company forward to syndicate with International partners."

Inefficient lights used in homes and businesses are expensive to operate and are often powered by carbon polluting sources of energy which emit global warming pollution. Due to increasing concerns over energy consumption and the environmental impact of greenhouse gases (GHG); many governments around the world have passed measures to phase out incandescent lighting and replace it with low-energy alternatives such as LEDs; the fastest growing and most efficient source of green energy lighting. According to analysis from en.lighten1; a global transition to efficient lighting would result in annual worldwide savings of over US$ 110 billion and a 50% reduction in worldwide greenhouse gas emissions.

Donal Duffy, Head of Enterprise Ireland Relations, Bank of Ireland said: "Supporting progressive and innovative companies like Ikon Semiconductor is key to the success of Bank of Ireland Kernel Capital Fund II managed by Kernel Capital. Since the initial investment, the firm has created more jobs and produced prototype samples of its first chip. This follow-on investment is a demonstration of the fund’s continued commitment to support ambitious, indigenous companies like Ikon Semiconductor not only at their early stage but to support companies as their business footprint continues to grow and develop."

Welcoming the announcement Greg Treston, Head of High Potential Start Ups at Enterprise Ireland, said: "Ikon Semiconductor is exactly the type of innovative, export-oriented company that Enterprise Ireland is keen to support. The technology that is being developed by Ikon Semiconductor is genuinely cutting-edge in reducing the cost of LED lighting and helping with energy saving and the green agenda. We believe the company has significant potential for rapid growth in global markets and we are delighted that this investment round will further drive their continued development."

Ikon Semiconductor’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. The company is focused on the residential and commercial 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. Ikon Semiconductor will use the funds to drive product development and plans significant recruitment of over the next six months to support these growth plans.

Conor McAuliffe, CEO of Ikon Semiconductor, added: "We are delighted to have received this additional €1m investment from Kernel Capital which will enable us to substantially ramp up our team and take our first LED driver product to a point where it is ready for volume production during 2013."

Download Ikon Semiconductor Press Release Ikon Semiconductor presented at the Enterprise Ireland International Investor Forum in London on the 21st November which brought together some of the world’s leading investors.