The Sunnyvale, California-based light-emitting diode (LED) lighting firm, Bridgelux, Tuesday named the former Seagate Technology CEO Bill Watkins as its new chief executive. Watkins was ousted out of disk drive manufacturer Seagate last year.

In its Tuesday announcement, Bridgelux – which has been developing a wide range of LED chips and substrates that can be fitted onto different lamps, and selling them largely to lamp and lighting fixture companies for retail sales - also announced that it is in on its way towards a Series D funding round which will help it raise $50 million.

Meanwhile, Watkins leaped into the green-tech arena after quitting Seagate and, on the basis of his investigations, has deduced that the LED business has notable potential to grow at a rapid pace in the near future.

He said in a statement: “There's a $100 billion opportunity, a whole new disruptive technology with LEDs, and an installed base that owns the market but doesn't have good solutions. You don't see that very often, but that's how new technology can make an impact.”

Entrusted with the responsibility of leading Bridgelux, which intends building the market for the next generation of lighting technology, Watkins said in a recent statement that, as CEO, he would work for the growth of the company by developing its manufacturing as well as planning its international expansion.