Albeo Technologies, Inc. a Boulder, Colorado-based company, today announced that it has closed a $1.5 million round of venture capital financing. This round was led by Green Spark Ventures, a new Denver-based cleantech venture capital fund.
The company, which produces solid-state lighting products based on white light emitting diodes (LED) for commercial and industrial enterprises, stated that the funds will be used for market and product expansion. According to Dave Ryan, managing director for Green Spark Ventures:
There is a pent-up demand for low-maintenance, high-efficiency lighting systems that reduce corporate operational costs. Albeo’s superior products meet that need and the company is seeing broad customer confirmation that they have hit the mark. We are delighted to invest in a company that is reducing operational costs and the carbon footprint of global industry. Albeo’s solid state lighting fixtures offer cost-effective real-world solutions to the environmental problems we face today.
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