Lumenergi, a Newark, California-based company that provides energy efficient lighting management solutions, announced today that it raised $12.7 million in a series B round of financing. The round was led by Braemar Energy Ventures and included new investor Townsend VC and continuing investors Low Carbon Accelerator Ltd. and Noventi Ventures. In addition, Dennis Costello of Braemar Energy Ventures has joined Lumenergi's board of directors.
Lumenergi said the new funds will facilitate its expansion into large-scale commercial and industrial buildings in energy-intensive regions and enable it to further develop its sales, marketing and customer service capabilities. Lumenergi has thusfar focused on the commercial market and offers a solution consisting of a ballast and a management and control system that it states can reduce energy costs from lighting by up to 70%.
“Early on Braemar recognized the significant role lighting plays in the overall energy consumption of buildings. Lumenergi is Braemar’s fifth investment in lighting, bringing advanced control technology into our lighting portfolio,” said Dennis Costello, managing partner at Braemar Energy Ventures. “With the market for lighting controls and ballasts approaching the billion dollar mark, we see great potential for Lumenergi.“
“We couldn’t be more pleased to add Braemar Energy Ventures and Townsend VC to our team. With deep expertise in lighting, energy efficiency, grid efficiency and real estate development, their strategic guidance will be invaluable as we rapidly expand our base of commercial and government buildings. Their financial commitment underscores the relevance of controllable lighting in achieving a more energy efficient built environment,“ said Michael D’Amour, CEO of Lumenergi.