Agder Energi and Google are in line for exits as Nanosys agrees to purchase Lund University spinout Glō.

Glō, a Sweden-based LED lighting product developer backed by energy company Agder Energi and technology group Alphabet, has agreed to an acquisition by quantum dot light-emitting materials producer Nanosys.

Financial terms of the acquisition have not been disclosed. Nanosys will integrate Glō’s technology into its own with a view of growing its market share in TV sets, as well as entering new sectors such as augmented reality and automotive.

Spun out of Lund University in 2003, Glō has developed microLEDs that it says are 10 times brighter and more energy-efficient than OLEDs.

Google, the internet subsidiary of Alphabet, invested $15m in the company in August 2017.

Various deals databases said Wellington Partners, Teknoinvest, Quadia and Nano Future Invest put $23.5m into a series E round in December 2016, but this could not be confirmed.

An unnamed investor led a $30m series D round in 2014, with participation from Wellington Partners, Energy Future Invest, Teknoinvest, Nano Future Invest, Foundation Asset Management and undisclosed others, bringing Glō’s financing up to that point to $115m.

Agder’s corporate venturing unit, Agder Energi Ventures, backed a $25m series C round in 2010. The round was led by Wellington and included Lund University, Provider Venture Partners, VantagePoint Venture Partners and Teknoinvest.