Asahi Kasei To Acquire VC-backed Crystal IS

Asahi Kasei Co., a chemical-based conglomerate, announced that it signed a share purchase agreement with Crystal IS, Inc., a US-based venture focused on the development of ultraviolet light emitting diodes (UV LEDs). Asahi Kasei has acquired all shares of CIS, making it a wholly owned subsidiary. CIS received venture funding in 2004 and 2006 from ARCH Venture Partners, Lux Capital, the Credit Suisse/New York State Common Retirement Fund and Harris & Harris Group.