It would be very economical apart from providing better lighting

Manwani, a co-ordinator of 1972 batch, said LED tubelights and bulbs consume only 1/10 of the power consumed by tubelights and bulbs. In his opinion, by 2020 only tubelight made of LEDs would be used in the led high bay light country. The government is also promoting the LED lamps and lights. "The tubelights and the bulbs having LED as content would have a life of 15 years and cost around Rs 800. It would be very economical apart from providing better lighting."

According to an SEC filing, On Chip Power has added one more backer to the round, increasing the investor count from four to five. CEO Vanessa Green said previously that investors included Venrock and Arunas Chesonis, CEO of PAETEC Holding Corp.

On Chip is working on developing technology that would allow for a smaller, less costly power supply for LED bulbs, in an effort to help drive greater adoption of the energy-saving lighting option.Though there are a number of potential applications for the technology, OnChip has focused on trying to solve some of the problems related to LED light bulbs, which offer major savings on electricity but have yet to find widespread adoption.According to him, the company will see revenue climb quarter by quarter after hitting the bottom in the first quarter of 2012.