Digital Lumens Secures $10M
Digital Lumens, a leading developer of LED-based intelligent lighting systems, announced that it has secured $10 million in Series B funding and a new working capital line of credit. The round has full participation from the company’s current investors — Black Coral Capital, Flybridge Capital Partners, and Stata Venture Partners — bringing total funds raised to $25 million since the company’s inception.
Jon Karlen, general partner at Flybridge Capital Partners, said, “The company has rapidly taken a leadership position in the intelligent lighting market…while revolutionizing the economics of industrial lighting. We see such compelling opportunities for Digital Lumens that, while outside interest was strong, the existing investors opted to expand our commitment instead.”
Digital Lumens will use this latest round of capital to expand sales and distribution internationally, further product development, and strengthen its position as a leader in LED-based intelligent lighting for industrial customers.
Digital Lumens was named a 2011 World Economic Forum Technology Pioneer and a 2010 Global Cleantech 100 Company, and a 2011 CERAWeek Energy Innovation Pioneer. The company was also recognized with a Plant Services 2010 Best Practices Award and by Building Operating Management as one of the 2011 Top Products.
In May the company announced that it will extend its support for demand response from manual to automated response, using the OpenADR protocol. “Many of our customers already participate in demand response programs and are manually switching to ‘demand-response’ profiles in the Digital Lumens LightRules lighting management software,” said Brian Chemel, CTO of Digital Lumens. “Adding OpenADR support to our intelligent lighting system will streamline the process and enable the demand response system to automatically invoke the proper lighting profile to ensure compliance.”