Digital Lumens Announces $10 Million Funding Round for LED Technology
Clean Edge News
LED lighting developer Digital Lumens recently announced that the company has closed a $10 million round of funding from existing investors including Black Coral Capital, Flybridge Capital Partners, and Stata Venture Partners. With more than 500 large-scale installations of its Intelligent LED Lighting System, more than doubling the number reported last year, Digital Lumens says it is saving customers more than $25 million per year by reducing their combined annual energy consumption by over 250 million kWh.
According to estimates by Canaccord Genuity in the “Third Cycle V2.2″ the overall LED lighting market grew 94% from 2011 to 2012.
“These impressive numbers are proof that the lighting market is moving rapidly to LED, and that Digital Lumens continues to set the standard for performance, efficiency, and value with our customers,” said Tom Pincince, President and CEO of Digital Lumens. “While we have established a leadership position in the industrial vertical, our integrated intelligence is applicable to the entire lighting market. We will use this latest investment to accelerate our expansion into new segments and international markets, and to further develop our product and service offerings.”