Digital Lumens, a developer of LED-based lighting systems, has closed on $10 million in new funding from a Series B round and new line of credit. Black Coral Capital, Flybridge Capital Partners, and Stata Venture Partners contributed to the Series B round, bringing total raised by the company to $25 million. Silicon Valley Bank is providing the working capital line of credit.
Digital Lumens, leading developer of LED-based Intelligent Lighting Systems, today 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. Silicon Valley Bank is providing the working capital line of credit.
“We are delighted to support Digital Lumens as it enters this next stage of growth,” said Jon Karlen, General Partner at Flybridge Capital Partners. “The Company has rapidly taken a leadership position in the intelligent lighting market with an innovative, systems-based approach and superior products that are meeting customers’ needs, 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 the leader in LED-based intelligent lighting for industrial customers.
“The rapid adoption of the Digital Lumens Intelligent Lighting System by large industrial customers is the best evidence of our products’ value,” said Tom Pincince, President and CEO of Digital Lumens. “Customers are locking in major energy savings and reducing load on their utility partners — all because of the Digital Lumens approach to energy-efficient lighting. We look forward to bringing intelligent lighting into new markets, and are very pleased that our investors are actively supporting our expansion.”
Proven to reduce industrial facilities’ lighting energy use by up to 90% and improve light levels, the Digital Lumens Intelligent Lighting System is redefining the industrial lighting market with LEDs and an intelligent, systems-based approach to lighting. Customers to-date, which include Americold, United States Cold Storage, Maines Paper and Food Service and others, are lighting more than millions of square feet of new and upgraded space with the Digital Lumens system.
In the second half of 2010 and early 2011, Digital Lumens has expanded its management team with the additions of:
* Fritz Morgan as Chief Product Officer. Fritz joined Digital Lumens from Joule Unlimited, where he served as Senior Vice President of Engineering, and was previously Chief Technology Officer at Color Kinetics.
* Mike Rubino as Chief Financial Officer. Mike joined Digital Lumens from A123 Systems, where he was most recently Chief Financial Officer and Vice President of Finance and Administration.
José Alvarez, former CEO of Stop & Shop, also joined the board, as well.
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.
The Intelligent Lighting System
Designed for large warehouses, manufacturing and other industrial facilities, the Digital Lumens Intelligent Lighting System integrates LEDs, controls, networking and reporting into a single solution that leverages system-wide intelligence to reduce customers’ energy costs. The system includes:
* Intelligent Light Engines (ILEs), high-performance, LED-based fixtures for highbay and midbay applications that feature a broad range of control and dimming capabilities, and form a wireless mesh network to communicate with LightRules.
* LightRules lighting management software is an intuitive, web-based interface for managing the lighting system. It collects detailed energy consumption and occupancy details from the ILEs, which it presents in standard and customizable charts so that facilities managers and engineers can understand a facility’s lighting patterns and optimize lighting delivery.
The ILEs have been named ‘recognized winners’ in the 2010 and 2011 Department of Energy’s Next Generation Luminaire competition, and are listed on the DesignLights Consortium’s Qualified Products List (QPL).
About Digital Lumens
Digital Lumens develops LED-based Intelligent Lighting Systems, which reduce commercial and industrial customers’ lighting-related electricity expenses by up to 90%. The system transforms lighting into a managed asset, improving efficiency, control and operational insight. Integrating LEDs, sensors, controls and energy management into a single system, Digital Lumens is defining a new class of networked lighting solution for customers. The company has recently been recognized as a 2011 World Economic Forum Technology Pioneer and a 2010 Global Cleantech 100 Company. For more information, please visit http://www.digitallumens.com.
Note to editors: Digital Lumens, Intelligent Lighting System, Intelligent Light Engine and LightRules are trademarks of Digital Lumens, Inc.