Analysis

Digital Lumens Secures $10 Million in Funding to Expand into New Markets and Enhance Product Line

13th April 2011
ES Admin
Widespread Deployment of Intelligent Lighting Systems by Supply Chain Industry Leaders Signals Rapid Adoption and Market Acceptance. Digital Lumens announces 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 millions of square feet of new and upgraded space with the Digital Lumens system,

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