Lumenergi Inc., a provider of energy efficient networked lighting systems, announced the close of a $12.7 million series B round of financing.
The round, led by Braemar Energy Ventures, includes new investor Townsend VC LLC and continuing investors Low Carbon Accelerator Ltd. and Noventi Ventures. The financing will facilitate the company’s expansion into large-scale commercial and industrial buildings in energy intensive regions and enable the build-out of sales, marketing and customer service teams.
Lighting comprises approximately 34% to 40% of annual electricity consumption in commercial buildings, making it a key target for energy efficiency measures. Lumenergi’s lighting management system enables building owners and managers to centrally control their lighting down to the individual light fixture with real-time feedback. This intelligent solution is meant to provide the right amount of light precisely when and where it is needed, improving occupant comfort and control. The system, along with Lumenergi’s smooth dimming ballasts, reduces energy costs by up to 70%.
Dennis Costello, managing partner at Braemar Energy Ventures, said: “With the market for lighting controls and ballasts approaching the billion dollar mark, we see great potential for Lumenergi.“
Lumenergi’s early focus has been the federal government, and it recently landed several large retrofit contracts for government buildings in California, New Hampshire, Nevada and Texas.
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