Company Closes $10M Round of Investment to Support Continued Expansion
Digital Lumens announced that it has rung in the New Year with 150% growth in its customer base and a further commitment from investors to support the company’s dominance in LED lighting. With more than 500 large-scale installations of its Intelligent LED Lighting System, more than doubling the number reported last year, Digital Lumens is now saving customers more than $25 million per year by reducing their combined annual energy consumption by over 250 million kWh.
According to estimates by Canaccord Genuity in the "Third Cycle V2.2" the overall LED lighting market grew 94% from 2011 to 2012. Digital Lumens grew much faster than the overall market as customers deployed the Digital Lumens solution – oftentimes with multi-site roll-outs – based on the company’s growing reputation and demonstrated energy savings.
As the company continues to thrive and expand into new markets, its technology deployments now cover almost 50 million square feet of space across a range of commercial and industrial facilities worldwide. The rapid adoption is attributable to proven results: up to 90% energy savings, half from the innate efficiency of LEDs, and half from Digital Lumens’ patented integrated intelligence. The cumulative energy savings represent a 150% increase over the April 2012 announcement that the company was saving over 100 million kWh per year for its 200 customers.
During 2012, Digital Lumens expanded its patent portfolio for the energy-focused controls that make the Digital Lumens solution the most energy efficient LED lighting solution available. The company also extended the product family to address a broad range of new environments. As it positions for further success in 2013, the company has closed a $10 million round of funding from existing investors including Black Coral Capital, Flybridge Capital Partners, and Stata Ventures (Stata Venture Partners).
“These impressive numbers are proof that the lighting market is moving rapidly to LED, and that Digital Lumens continues to set the standard for performance, efficiency, and value with our customers,” said Tom Pincince, President and CEO of Digital Lumens. “While we have established a leadership position in the industrial vertical, our integrated intelligence is applicable to the entire lighting market. We will use this latest investment to accelerate our expansion into new segments and international markets, and to further develop our product and service offerings.”
